US EditionChinese 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.
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Total News Sources20
Leaning Left5Leaning Right1Center6Last UpdatedBias Distribution50% Center
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- 50% of the sources are Center
50% Center
L 42%
C 50%
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