China's ZPEC Approved For Oil Ops In Iraq

(MENAFN- Iraq Business News) By John Lee.

China's Zhongman Petroleum and Natural Gas Group Corporation (ZPEC) has announced that it has received a letter from Iraq's Petroleum Contracts and Licensing Directorate (PCLD) confirming the successful approval of its qualifications for Iraq's oil and gas field development and operations.

In a statement on Thursday to the Shanghai Stock Exchange , the company said that this qualification is a prerequisite for its participation in the exploration and development of Iraq's oil and gas blocks. It added:

"The Iraqi Petroleum Ministry rigorously evaluated the Company in various aspects, including oil and gas field management, financial management, financing capability, legal risk management, operational technology capability, environmental protection, safety assurance, personnel training, and more.

"The smooth approval of this qualification represents the Iraqi government's recognition of the Company's comprehensive strength in the field of oil and gas field exploration and development.

"Obtaining this qualification will facilitate the Company's investment and development opportunities in high-quality oil and gas fields in Iraq, allowing for continuous expansion and improvement of the Company's oil and gas exploration and development portfolio, injecting new momentum into its long-term stable development.

"In the future, the Company will conduct comprehensive assessments of relevant oil and gas field blocks in accordance with the bid documents publicly released by the Iraqi Petroleum Ministry and make prudent decisions considering the host country's investment environment and the Company's actual circumstances. "

The company has already been active in Iraq, having won several drilling contracts in recent years.

(Source: Zhongman Petroleum)

The post China's ZPEC Approved for Oil Ops in Iraq first appeared on Iraq Business News .

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