TPAO, CNOOC to Finalize 2.5B Barrel Deal with Iraq

(Dow Jones Newswires), May 13, 2010

Turkish Petroleum, known as TPAO, has decided to join CNOOC to develop Iraq's Missan oil field complex in southern Iraq, a senior Iraqi Oil Ministry official said Thursday.

"The ministry has agreed to a request submitted by TPAO to join the consortium led by Cnooc to develop Missan oil fields," Sabah Abdul Kadhem al-Saadi, head of the legal and commercial office at the ministry's Petroleum Contracts and Licensing Directorate, told Dow Jones Newswires.

A deal for Missan oil fields, with proven reserves of 2.5 billion barrels, is expected to be sealed Monday after Cnooc-led consortium agreed to the ministry's terms.

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