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A China-led consortium inks final deal with Iraq to develop 3 prized oil fields in south

05-18-2010 10:24 BJT

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A China-led consortium has secured a deal with Iraq, to develop the Missan oil fields, located in the country's south.

The China National Offshore Oil Corporation and its partner, the state-run Turkish Petroleum Corporation, will jointly work on developments.

The consortium, plans to increase the output, in six years to 450,000 barrels a day... from its current output level of nearly 100,000. The consortium will get 2.3 US dollars for each barrel produced, under the 20-year contract. The Missan oil fields, are located near the city of Amarah... and holds more than 2.6 billion barrels in reserves.

A China-led consortium has secured a deal with Iraq, to develop the Missan oil fields, located in the country's south. 
A China-led consortium has secured a deal with Iraq, to develop the Missan oil fields, 
located in the country's south.

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