Turkey’s state TPAO has joined China National Offshore Oil Corp. (CNOOC) in a deal inked Monday to develop the Missan oil fields in Iraq, replacing China’s Sinochem. Sinochem, which last year bid for the field with CNOOC, withdrew after its partner accepted the Iraqi government’s proposed remuneration fee of $2.30/bbl. The two companies initially offered to lift output to 450,000 b/d in six years for a fee of $21.40/bbl, whereas CNOOC and TPAO have now agreed to hit that target for just $2.30/bbl.
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