Xinhua. China National Petroleum Corp., China Petrochemical Corp., China National Offshore Oil Corp and Sinochem Corp are assessing fields in Iraq in preparation to bid for exploration rights. The Iraqi government is allowing 41 companies globally to bid.
China, which relies on imports for about half of its crude-oil needs, is seeking investment in overseas petroleum fields to satisfy growing energy demand from an economy that expanded 10.6 percent in the first quarter.
“Sinochem has completed evaluating 10 small fields in southeast Iraq,” Zeng [Xingqiu, Sinochem’s chief geologist] said. “The biggest risk is political uncertainty in that region. It’s difficult to predict when we can produce oil from the fields.”