On January 1, local time, China National Petroleum Corporation (CNPC) officially took over from U.S. oil giant ExxonMobil as the lead contractor of the West Qurna-1 oilfield in Iraq, with the handover ceremony held on the site of the oilfield in Basra.

Located about 50 kilometers northwest of Basra, the oilfield is one of Iraq's largest. With an annual crude oil output of more than 25 million tons, it features low water cut, low recovery and low production rate.

The successful takeover reflects the recognition of the Iraqi government and partners on CNPC's long-term outstanding performance in Iraq, as well as their trust in the company's operational capabilities. It indicates that CNPC and the Iraqi Ministry of Oil have built a sound partnership based on mutual trust through ever-deepening cooperation.

Adhering to the principle of mutual benefit and win-win cooperation, and giving full play to its business advantages, CNPC will ramp up efforts on production capacity building, to break the production bottleneck, improve oil production, and provide solid support for Iraq's production increase plan. This will increase oil revenue for the Iraqi government, foster more opportunities for the expansion of upstream and downstream operations, create a large number of jobs for local residents, and inject more impetus into deepening China-Iraq energy cooperation and the development of the Belt and Road Initiative.

About CNPC

CNPC is China's largest oil and gas producer and supplier, as well as one of the world's major oilfield service providers and a globally reputed contractor in engineering construction. With a presence in almost 70 countries, we are seeking an even greater international role. We provide energy in a profitable manner, and always attach great importance to our social and environmental responsibilities.