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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.
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Center

China's independent oil firms elbow into Iraq's majors-dominated market

Drawn by more lucrative contract arrangements, smaller Chinese producers are on track to double their output in Iraq to 500,000 barrels per day by around 2030.

·United Kingdom
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U.S. News broke the news in New York, United States on Sunday, August 3, 2025.
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