Independent Chinese Oil Firms Make Bold Moves in Iraq

Several independent Chinese oil companies are making significant inroads into Iraq, launching ambitious multi-billion-dollar projects that aim to tap into the country's vast oil reserves. These ventures present a challenge to global and Chinese state-backed majors that currently dominate production in OPEC's second-largest producer.

United Energy Group, a smaller player listed in Hong Kong, produces around 120,000 barrels per day in Iraq's block 9. The firm gained a license to explore the Fao block and operates trading desks in major hubs like Singapore, Dubai, and Beijing. Meanwhile, Zhongman Petroleum and Natural Gas Group, which began as an oilfield service company, is set to invest $481 million into two key blocks in Iraq.

Geo-Jade Petroleum, leading a consortium, plans to invest $848 million in the South Basra project, aiming to revamp output at Tuba oilfield and establish a refinery. Anton Oilfield Services Group, previously a project manager, has secured a license to develop the Dhufriya oilfield in Wasit province, underscoring the increasing role of independent Chinese firms in Iraq's energy sector.

(With inputs from agencies.)