China starts operation in Halfaya oil field

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China's National Petroleum Corporation begins to operate Halfaya oil field in Iraq. [File photo]

China's largest oil producer National Petroleum Corporation launched an inauguration ceremony with Iraq for the Halfaya oil field in the southern Maysan Province on Wednesday.

Iraq's Deputy Prime Minister Hussein Al-Shahristani, the Oil Minister Abdul Kareem Luaibi and the Chinese ambassador Ni Jian participated in the ceremony.

The field is expected to produce 70,000 barrels of oil a day and 5 million tonnes per year.

Foreign investment is crucial for war-weary Iraq to tap its rich oil resources. Oil revenues make up nearly 95 percent of the Iraqi government's annual budget.

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