Petronas of Malaysia and the Japan Petroleum Exploration Company (Japex) will jointly invest a total of about $7 billion to develop Iraq’s Gharaf oilfield. The announcement was made at the end of a two-day bidding round for ten major oil contracts.
Petronas will hold a 60 percent share and Japex a 40 percent share. The Gharaf oil field has estimated reserves of about 860 million barrels and a projected output at 230,000 barrels per day (bpd) (which would be more than 5 percent of Japan’s...
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