CNOOC Signed Iraq Maysan Contract

Hong Kong listed CNOOC Ltd and its partner Sinochem International has signed an initial agreement with Iraq to develop the 2.5 billion barrel Maysan oil field complex in southern Iraq, a senior Iraqi oil ministry official said. Sabah Abdul Kadhem Saadi, Director of the Legal and Commercial Office at the Oil Ministry Petroleum Contracts and Licensing Directorate, said that a final deal could be signed within days, pending approval by the Iraqi cabinet. CNOOC will hold a 60% stake in the venture, Sinochem will own 15% with an Iraqi state company holding the remaining 25%, according to the Iraqi oil ministry. The Chinese were the only companies that bid last year for Maysan oil fields after other companies were discouraged from bidding for the fields because some of them are in a disputed area near the border with Iran.- Upstream