Iraq intends to take legal measures against Total
Azerbaijan, Baku, Aug 23 /Trend A.Taghiyeva/
Iraq intends to take legal measures against the French company Total, which has signed an agreement with the Kurdish autonomy, a source in the Iraqi government told Trend.
The source noted that Iraq intends to force Total to sell its 25 per cent stake in the al-Halfa field in the south.
"Iraq has already begun the necessary legal action against Total. The company will be required to sell its stake in the field al-Halfa," the source said.
It was announced earlier that the company has signed an agreement with the Total Kurdish autonomy of Iraq on acquisition of a 25 per cent stake in the Taza field, a block which is located in the region of Sulaimaniya in northern Iraq. Total paid $48 million to the Canadian company ShaMaran Petroleum, engaged in the development of oil and gas projects in Kurdistan.
Iraq's oil ministry said a consortium led by the French Total which also includes China Petro Chine and Malaysia's Petronas, began production at Iraq's biggest oil field Al Halfa in the south on June 28.
According to BP, Iraq's proven oil reserves amounted to 143.1 billion barrels as of late 2011.
The country ranks third in OPEC after Saudi Arabia and Iran. According to BP, oil production in Iraq amounted to 2.798 million barrels per day in late 2011.
The major oil fields of Iraq are Rumaila, Zubair, Nahr Umr, Majnoon and West Qurna in the south of the country. About 80 per cent of oil extracted in Iraq, is exported.