Missan fields finally awarded to China

BAGHDAD - A senior official in Iraq's Oil Ministry has confirmed that two Chinese companies will next week finalize a contract for three fields in southern Missan province, nine months after it passed on the maximum per barrel profit the ministry was willing to pay.

The official, speaking on condition of anonymity, said the China National Offshore Oil Corp. (CNOOC) and Sinochem International Company have now agreed to the remuneration fee that Iraq offered in an auction last June for rights to develop the Abu Ghirab, Buzurgan and Fauqi (aka Fakka) oil fields.