OREANDA-NEWS.  August 01, 2012. China's largest oil producer National Petroleum Corporation launched an inauguration ceremony with Iraq for the Halfaya oil field in the southern Maysan Province.

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.