(MENAFN) Iraqi Oil Minister, Abdul-Karim Elaibi, announced that the country has opened the 4.945 billion barrel Halfaya oil field, reported Saudi Press Agency.
Elaibi said that in late 2009, China's National Petroleum Corporation, Malaysia's PETRONAS and Total SA won rights to the oilfield, located in Maysan province in the south of the country.
The Iraqi government will pay the consortium USD1.40 per barrel of extracted oil.
It is worth noting that oil production at the site will reach 100,000 barrels per day (bpd), scheduled to grow to 535,000 bpd in 2016.
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