China Oil HBP Bags USD225 Million Service Project for Naft Khana Oilfield Restoration in Iraq
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China Oil HBP has secured a USD225 million contract for production services at Iraq's Naft Khana oilfield, which has been underperforming since 2003 due to war damage and underinvestment. The project includes engineering, procurement, and maintenance services aimed at restoring production to 15,000 barrels per day. This contract represents 61% of the company's projected 2024 revenue, likely enhancing its market position in the Middle East. Following the announcement, HBP's shares rose by 2% to CNY3.95, while Geo-Jade Petroleum's shares fell by 1.1%.
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