مؤسسة صينية توقع عقداً لتطوير حقل نفطي في العراق

China's Offshore Oil Corporation Secures Contract for Oil Field Development in Iraq

The China National Offshore Oil Corporation (CNOOC) announced on Wednesday the signing of an exploration, development, and production contract with the Iraqi state-owned Middle Oil Company for the exploration of oil and gas in Block 7.

According to a statement issued by CNOOC, reviewed by "The Hour" network, "(Africa Holding),a wholly-owned subsidiary of the state-owned oil and gas company, will hold a 100% stake and will operate as the operator of Block 7, which covers an area of 6,300 square kilometers and is located in the Diwaniyah Governorate."

The statement further elaborated, "This agreement formalizes the bid won by the Chinese company for the exploration of the block. It is part of a recent Iraqi licensing round where Baghdad offered profit-sharing with partners instead of the previous technical service contracts, marking a significant shift in policy."

The agreement specifies that the first phase of the exploration period will span three years, though it does not disclose a start date.

A senior CNOOC executive stated last August that "Block 7 could lead to a significant discovery, and the company maintains high standards in selecting new investment targets outside of China."

The CNOOC is a major global oil producer in Iraq, with its activities focused on the Maysan field in southern Iraq.