China's CNPC To Take Oil From Iranian Fields
Sumaira FH 5 days ago Fri 09th November 2018 | 08:06 PM
China National Petroleum Corp (CNPC) is continuing to take oil from Iranian oilfields where it has ownership stakes, even after the United States re-imposed sanctions on the country's oil sector, a company executive said on Friday.
The state-owned oil giant entered Iran in 2004 when it acquired the MIS oilfield, in which it now holds a 75 percent stake. CNPC did not give an output figure for the field on its website, Reuters reported on Friday as quoted by Iran's news agency IRNA.
It has also spent billions of Dollars on developing the North Azadegan oilfield, which began production in 2016 of about 80,000 barrels per day of crude along with natural gas, according to the company's website.
"Our main cooperation with Iran is upstream investment.
The volume does not include oil Sinopec and CNPC are entitled to under investment deals, the sources said.