CNOOC, TPAO to Develop Iraqi Missan Oilfields

CNOOC and Turkish Petroleum Corporation are to develop and produce oil from Iraq’s Missan oilfields in a new deal.

Under the 20-year technical services contract (TSC), CNOOC will increase the daily production of the fields to 450,000 barrels within six years.

After the daily production has been raised by 10% from the current level, CNOOC will earn $2.3 per barrel on the incremental oil production.

CNOOC, the operator, holds 63.75% participating interest in the fields, while TPAO holds 11.25% and Iraqi Drilling Company the remaining 25%.