The recent reiteration by Iraq Oil Ministry of a 7 million barrels per day (bpd) oil production target within the next five years has spurred activity among Chinese firms that continue to dominate the country’s oil and gas sector. As it stands, more than a third of all Iraq’s proven oil and gas reserves and over two-thirds of its current production are managed by Beijing’s companies, according to industry figures. This translates into Chinese companies having a combined direct share in around 24 billion barrels of reserves and responsibility for production of around 3.0 million bpd. The latest in the very long line of Beijing’s firms to benefit from its ongoing stealthy takeover of Iraq’s huge oil and gas assets is China Huanqiu Contracting & Engineering Company (HQC), which has signed a huge project management consultancy contract for the supergiant West Qurna 1 oilfield.
