A consortium led by the China National Petroleum Corp.(CNPC), China's largest oil company, won a bid to develop Halfaya oilfield in Iraq, CNPC said on Wednesday.
Under the 20-year deal, CNPC, Total, Petroleum Nasional Berhad (Petronas), and Iraq's state-owned South Oil Co. will jointly develop the 4.1 billion barrel Halfaya field.
According to an agreement initialed previously, the consortium will receive 1.4 U.S. dollars of service fee from each barrel.
The consortium plans to boost output from the current 3,100 barrels a day to 535,000 barrels.
CNPC has 37.5 percent of the interests in the project. Total and Petronas will take 18.75 percent each, leaving Iraq's state-owned South Oil Co. with the remaining 25 percent.
It is the third important project that CNPC participated in in Iraq after the Ahdab and Rumailia projects.