Oilfield is first major contract awarded since the US-led invasion in 2003.
Iraq expects the CNPC-operated al-Ahdab oilfield to have an initial production rate of 60,000 barrels per day from July 2011, Deputy Oil Minister Abdul Kareem Luaibi said on Sunday.
Al-Ahdab was the first major oilfield development contract awarded by the Iraqi government after the 2003 US-led invasion when it agreed to revive a Saddam Hussein-era deal with the Chinese oil company.
It has since struck 11 other deals with global oil majors to help it quadruple its output capacity to Saudi levels of 12 million bpd within seven years. (Reuters)