CNPC Ships First Crude Cargo From Halfaya Project to China
BEIJING--China National Petroleum Corp. said Tuesday it shipped its first supertanker loaded with 2 million barrels of crude oil from its Halfaya oil field in Iraq to China.
The Halfaya field, operated by CNPC-controlled PetroChina Co. Ltd. (PTR), began its first phase of production in June this year, 15 months ahead of schedule, CNPC said Tuesday in an in-house newsletter. It has an initial output of 5 million metric tons a year, or 100,000 barrels a day, and its second phase is expected to double output to 10 million tons a year, CNPC said.
The Halfaya field, which has estimated reserves of 4.09 billion barrels, has produced 2.463 million tons of crude as of Dec. 14, the company said. The field is expected to produce 2.7 million metric tons 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. France's Total SA (TOT) and Malaysia's Petroliam Nasional Bhd. each hold 18.75% and Iraq's state-owned Missan Oil Co. holds 25%.
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