CNOOC Ltd. and partners have signed a technical service contract with the Iraqi government to develop the Missan oil fields 350 km southeast of Baghdad.
The group committed to raise production to 450,000 b/d from about 100,000 b/d in 6 years, earning $2.30/bbl of incremental output beyond 10% above the current rate. The 20-year contract provides for cost recovery.
CNOOC is operator with 63.75% participating interest. Iraqi Drilling Co. holds 25%, and Turkish Petroleum Co. (TPAO) holds 11.75%. TPAO replaced Sinopec, which withdrew from the project.