China’s CPECC wins $547.9 mln Iraqi Oilfield Contract

China Petroleum Engineering & Construction Corporation (CPECC) has won a $547.95 million service contract to develop Iraq's Halfaya oilfield, Iraq's cabinet said on Wednesday.

CPECC, which is affiliated to China National Petroleum Corporation (CNPC), will handle engineering, procurement, construction and commissioning work at the oilfield, which is forecast to produce 535,000 barrels of oil per day (bpd) in 2017, Iraq's oil ministry has said.

Iraq signed a contract in 2010 to develop Halfaya with CNPC, France's Total, and Malaysian state company Petronas for a fee of $1.40 per barrel. CNPC has a 37.5 percent interest in the consortium. (Reuters, edited by Topco)