Zhongman Petroleum and Natural Gas to Develop Iraqi Oil Blocks for $481 Million

MT Newswires Live

06-09

Zhongman Petroleum and Natural Gas Group (SHA:603619) agreed to invest a total of $480.9 million for the development of two oil blocks in Iraq, according to a Shanghai bourse filing on Saturday.

The Chinese oil and gas company signed development and production contracts for the Middle Furat Oilfield and the East Ba North Oilfield, which will have a respective investment of $263.9 million and $217 million.

The funds will be used to reactivate old wells, drill and test new wells, as well as surface engineering and construct oil and gas export pipelines.

The company's shares closed 2% higher.

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