CNPC, Partners to Raise Output at Iraq Halfaya Oil Field in July

China National Petroleum Corp. and its partners will raise output at Iraq’s Halfaya oil field sevenfold in the first week of July, the director general of the Iraqi state Missan Oil Co. said.

Production will rise to 70,000 barrels a day from 10,000 barrels currently, Ali Muarej said today in a telephone interview. The increase in output is ahead of schedule, he said.

CNPC and partners Paris-based Total SA and Petroliam Nasional Bhd., the Malaysian oil company known as Petronas, have drilled 22 wells in Halfaya where production is forecast to increase to 535,000 barrels a day by 2017, he said.

Missan Oil Co. is Iraq’s third-largest state-owned oil company and oversees Halfaya. CNPC has a 50 percent share in the project, while Total and Petronas each own 25 percent.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE