PetroChina plans to double oil production at the Halfaya oil field in Southeast Iraq to 400,000 barrels per day (bpd) in the next 12 months, along with additional production of natural gas.
The Chinese oil major was first awarded the contract to work on the field in a petroleum licensing round in December 2009 and first reached oil in June 2012, over a year ahead of schedule. In the first development phase, the field was producing 100,000 bpd and 92 MMcf/d of gas, with crude oil primarily exported and the gas sold for domestic consumption.
It is estimated the oil filed may contain up to 4/1 billion barrels of oil reserves, with PetroChina owning a 37.5% stake in the operation of the field. Other stakeholders include Total (18.75%), Petronas (18.75%) and Iraq's 25% stake through the state Missan Oil Company.
Source: Seeking Alpha