US Edition
Chinese Independents Surge Into Iraq's Oil Sector With Multibillion-Dollar Projects
IRAQ, AUG 3 – Chinese independent oil firms are set to double output to 500,000 barrels per day by 2030, benefiting from Iraq's shift to profit-sharing contracts and faster project execution.
- In recent years, China’s independent oil companies have expanded in Iraq, winning half of last year’s exploration licenses and investing billions in OPEC’s second-largest producer.
- Amid a push to boost output, Iraq shifted to profit-sharing contracts last year to accelerate projects after ExxonMobil and Shell scaled back.
- Chinese independents can develop an Iraqi oilfield in two to three years, faster than Western firms' five to 10 years, Dai Xiaoping said.
- For Baghdad, the growing presence of private Chinese players marks a market shift as officials say they aim to attract global giants, with TotalEnergies announcing a $27 billion project and BP planning up to $25 billion.
- In future forecasts, Chinese producers aim to double their output to 500,000 barrels per day by around 2030, and Zhenhua Oil targets 250,000 bpd by the same year.
Insights by Ground AI
Does this summary seem wrong?
17 Articles
17 Articles
Coverage Details
Total News Sources17
Leaning Left4Leaning Right1Center6Last UpdatedBias Distribution55% Center
Bias Distribution
- 55% of the sources are Center
55% Center
L 36%
C 55%
Factuality
To view factuality data please Upgrade to Premium
