Iraq, China's CNPC agree to cut Halfaya final output target

September 04, 2014 - 1:41:46 pm

BASRA: Iraq has agreed with China's CNPC to cut the final output target from the Halfaya oilfield to 400,000 barrels per day from 535,000 barrels per day and both sides were to sign a revised deal on Thursday, a senior Iraqi official told Reuters.

Iraq also agreed with CNPC to extend Halfaya's final plateau period, the time during which peak production is sustained after it is first reached, to 30 years from 20 years, Adnan Noshi, head of state-run Maysan Oil Co, 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)