CNPC ships first crude cargo from Halfaya project to China

12/18/2012

CNPC ships first crude cargo from Halfaya project to China

BY WAYNE MA

BEIJING -- CNPC said it shipped its first supertanker loaded with 2 MMbbl of crude oil from its Halfaya oil field in Iraq to China.The Halfaya field, operated by CNPC controlled PetroChina, began its first phase of production in June this year, 15 months ahead of schedule, CNPC said in an in house newsletter. It has an initial output 100,000 bopd, and its second phase is expected to double output to 10 mmt a year, CNPC said.

The Halfaya field, which has estimated reserves of 4.09 Bbbl, has produced 2.463 mmt of crude as of December 14, the company said. The field is expected to produce 2.7 mmmt by year end, it added.

CNPC is expected to ship its second cargo of crude from Halfaya to China in late January, the company said. The Halfaya field is PetroChina's largest overseas investment project as an operator, CNPC reported earlier.

In late 2009, a consortium led by PetroChina won the right to develop the oil field. PetroChina holds 37.5% of the 20 year concession. Total and Petronas each hold 18.75% and Missan Oil holds 25%.

Dow Jones Newswires

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