China's CNPC replaces U.S. oil giant as lead contractor for Iraq's West Qurna 1 oilfield

China's leading oil and gas producer, China National Petroleum Corporation (CNPC), officially took over from U.S. oil giant ExxonMobil as the lead contractor for Iraq's West Qurna 1 oilfield on Monday.

The handover ceremony was held in Iraq's southern province of Basra with the attendance of Iraqi officials, Chinese diplomats, and representatives of CNPC, Basra Oil Company, ExxonMobil, and so on.

Congratulating CNPC's new partnership, Bassim Mohammed Khudair, Iraqi deputy oil minister for extraction affairs, told Xinhua that he had full confidence in CNPC's manpower, strategy and vision, and believed that the project will be completed within the stipulated time.

For his part, Ji Gang, counselor of the Chinese Consulate General in Basra, said he expected China and Iraq to work together to make the West Qurna 1 oilfield project an excellent example of energy cooperation between the two countries.

The CNPC will adhere to the principle of mutual benefit and win-win cooperation, follow the vision of extensive consultation, joint contribution and shared benefits, and ensure a smooth handover and orderly transition, said Chen Mingzhuo, general manager of the project.

The West Qurna 1 oilfield, located about 50 km northwest of Basra, the capital of the namesake province, is one of Iraq's largest oilfields, with an estimated annual crude oil output of more than 25 million tonnes.