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Cnooc Ltd., the Hong Kong-listed unit of China National Offshore Oil Corp. has partnered with the state-run Turkish Petroleum Corp. (TPAO) to win a contract with Iraq to develop the lucrative Missan oil-field in southern Iraq, marking Cnooc's first upstream access to Iraqi oil following its two major rivals, CNPC and Sinopec.
According to Cnooc, the 20-year contract includes an increase of Missan's production capacity to 450,000 barrels per day from the current 100,000 barrels a day within six years. Cnooc has agreed to price every additional barrel of oil produced after capacity rises by 10% at $2.30.