PetroChina Company Limited (HKSE: 0857; NYSE: PTR; SSE: 601857) announced that PetroChina, Total Exploration and Production Company in Iraq and Petroliam Nasional Berhad were the successful bidders in the tender for the Halfaya Oilfield project.

In accordance with the requirements, the Company, Total, Petronas and Iraq’s South Oil Company formed a joint operatorship, and entered into a development and production contract in respect of the Halfaya Oilfield in Iraq for a term of 20 years on 27 January 2010. 

Pursuant to the contract, the Company will act as one of the operators.  The Company, Total, Petronas and Iraq’s South Oil Company shall own the participating interests in the Halfaya Oilfield, in the percentage of 37.5%, 18.75%, 18.75% and 25% respectively.

The Halfaya Oilfield is located at the Southeast of Iraq.  Based on the information provided by the Iraqi Government, the Halfaya Oilfield has a recoverable reserve of approximately 4.1 billion barrels and its current production output has reached 3,100 barrels/day. The joint operatorship led by the Company has undertaken to increase the production output of the Halfaya Oilfield to 535,000 barrels/day.

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