China National Petroleum Corp, China Petrochemical Corp and two other Chinese companies will bid for oil and gas exploration rights in southeast Iraq to meet energy demand, according to Chinese media.
The two parents of PetroChina and China Petroleum & Chemical as well as China National Offshore Oil and Sinochem are assessing fields in Iraq Sinochem's chief geologist Zeng Xingqiu told Bloomberg this week.
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, writes official state news agency Xinhua.
According to Xingqiu, Sinochem has evaluated ten small fields in southeast Iraq.
"The biggest risk is political uncertainty in that region. It's difficult to predict when we can produce oil from the fields," he said.
The four Chinese companies are among 41 global companies given permission by the Iraqi government to bid for exploration rights.
By staff writer
