Total eyes majority partnership in Iraq’s oilfield

23 Apr 2010

(MENAFN) Oil giant Total said that it is mulling a bigger stake in the Halfaya oilfield, aiming to expand its presence in Iraq, Reuters reported.

China National Petroleum Company (CNPC) is the majority partner in the Halfaya oilfield and Total holds an 18.75 percent stake in the field.

Total?s Chief Executive, Christophe de Margerie, said that Iraq is a strong part of the firm?s strategy; therefore, Total do not plan to remain a minority partner in the Halfaya field.

The oilfield, which is located in southern Iraq, has estimated reserves of 4.1 billion barrels of oil. The field is expected to help turn Iraq into one of the world’s three biggest oil producers and make the country earn billions of dollars.

It is worth mentioning that Iraq has the world’s third largest oil proven reserves.

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