Iraqi oil officials stated that the Oil Ministry is discussing a service contract with China’s CNOOC for the Maysan oilfield complex.

Hussain Al Shahristani, the Iraqi oil minister, said the Chinese company accepted the government’s proposed remuneration fee of $2.30 for every additional barrel of oil produced, but did not mention the name of the company.

“After the big success we achieved the Chinese company returned back to us and said ‘we accept your offer of $2.30’,” Shahristani told Al Salam television channel.

An official source identified the company as CNOOC, which together with Sinochem previously had an unsuccessful tender for Maysan’s three fields in Iraq’s first bid round of oilfield contracts last year.

It’s worth mentioning that Maysan oilfields produce 2.5 billion barrel, and the deal could join a series of contracts that
Iraq has signed in a bid to boost its output capacity in seven years to reach 12 million barrels per day.