Iraq’s cabinet approved on 30 April the award of the 4.5tcf Mansuriya gas field in Diyala province to a consortium grouping Chinese oilfield services provider Jereh and an unknown entity named “Petro-Iraq.” The award will lead to a final contract with the Oil Ministry whose subsidiary Midland Oil Co will hold 51%, with the Chinese-Iraqi consortium holding 49%.

The Finance Ministry will fund Midland’s $506mn share investment for the first three years of project development: $73mn, $187mn and $246mn respectively. This implies total investment of $992mn over the initial three-year period. (CONTINUED - 202 WORDS)