Piling Tech, one of the subsidiaries of the business conglomerate Tech Group, said that it has won its first oil sector contract in Iraq, valued at $10 million from Lukoil, Russia’s second-largest oil producer.
China is likely to lift a total of up to 500,000 barrels per day of crude oil next year from Iraq, the fastest-growing oil producer in the Middle East, a volume nearly 50 percent more than this year, Chinese traders said.
China is likely to lift a total of up to 500,000 barrels per day of crude oil next year from Iraq, the fastest-growing oil producer in the Middle East, a volume nearly 50 percent more than this year, Chinese traders said.
China National Petroleum Corp (CNPC), the country’s top oil producer, has said operations have begun at Iraq’s Al-Ahdab oil field, with an initial annual capacity of three million tonnes.
A consortium led by Russian state oil producer Gazprom Neft has picked Schlumberger to drill the first wells at the Badra field in Iraq, the Russian company said Monday.