By Winnie Zhu
Nov. 12 (Bloomberg) -- China National Petroleum Corp., the nation's biggest oil producer, said the Ahdab field, where it has an oil services agreement with the Iraqi government, will produce 115,000 barrels a day in six years.
China National will adopt ``advance'' technology to increase the field's capacity by 25,000 barrels a day within three years, the Beijing-based state-run company said in a statement on its Web site.
The Chinese oil producer signed the $3.5 billion accord to service and develop the field, 180 kilometers (112 miles) southeast of the Iraqi capital Baghdad, yesterday. The 20-year agreement revives a 1997 production-sharing accord between China and Saddam Hussein's deposed regime.
The field will provide fuel to local power plants and increase Iraq's oil exports, China National said.
Iraq has the world's third-largest proven oil reserves, though wars and international sanctions have curtailed its ability to develop them. The nation is seeking to triple its production capacity to 6 million barrels a day by 2016 with the help of foreign companies.
To contact the reporter on this story: Winnie Zhu in Shanghai at wzhu4@bloomberg.net
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