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Total fuel card news: Halfaya oil field deal agreed

29 January, 10
Total fuel card customers may welcome news that the energy company has agreed a deal to develop one of Iraq's oil fields.

The French-based firm announced that it has signed an agreement with Petronas and PetroChina to carry out work on the field which will see production at the site grow significantly.

Currently, the Halfaya field's average output stands at 3,100 barrels of oil per day, but the consortium intends to increase this figure to 535,000 barrels per day.

Total will hold an 18.75 per cent interest in Halfaya, as will Petronas, while the operator PetroChina will control 37.5 per cent. The remaining 25 per cent stake will go to Iraq's state-owned South Oil Company.

Yves-Louis Darricarrere, the company's president of exploration and production, said: "Total remains committed to accompanying the development of the Iraqi oil industry and is looking at engaging in other cooperation projects."

This is just one of a number of deals recently agreed on Iraq's oil fields. Earlier this month, Shell and Petronas had their contract on the Majnoon field ratified by the Iraqi oil ministry.

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Posted by Steve ClarkeADNFCR-2675-ID-19587572-ADNFCR

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Total fuel card news: Halfaya oil field deal agreed