Iraq's Oil Ministry initialled a deal on Tuesday with China National Petroleum Company (CNPC), Total and Petronas for Halfaya, another of the deals it hopes will turn Iraq into a major global exporter. The Halfaya oilfield, in southern Iraq, has estimated reserves of 4.1 billion barrels of oil. CNPC owns 50 percent of the venture, while France's Total and Petronas of Malaysia each hold a 25 percent stake.
This week, Iraq has also initialled deals with foreign firms to develop Gharaf and Majnoon oilfields, which were likewise awarded in a December 11-12 energy auction in Baghdad. The ministry is betting that such projects will transform Iraq's oil industry and bring its production capacity to 12 million barrels in six or seven years.