Why China is here to stay in Iraq''s energy sector
China was already the biggest international player in Iraq''s upstream sector—operating several large oil fields across southern Iraq—before Chinese companies
settlement and social stability depend. Contrary to what some seem to think, however, there does not appear to be a broader geopolitical design behind China's footprint in Iraq's oil sector, and neither does a shift in Iraqi oil export
The Halfaya Gas Processing Plant in Maysan, Iraq, a PetroChina/CPECC project. Photo by: Xinhua Baghdad (IraqiNews.com) – Iraq, a nation endowed with vast oil and gas reserves, is witnessing a significant transformation in its energy landscape, increasingly powered by strategic partnerships with Chinese corporations.
Iraq is gradually handing over its oil industry to Chinese companies as US businesses quit the country because of security concerns, according to local analysts. Chinese oil companies now manage more than two-thirds of Iraq's oil and gas resources and about 3 million barrels per day (bpd) of its crude production.
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, according to estimates by executives at four of the firms, a figure not previously reported.
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