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Iraq seals oil deal with China-led group

Iraq seals oil deal with China-led group

Iraq and a consortium led by China's National Petroleum Corp. have signed a final accord to develop a prized southern oil field.
Under the 20-year deal, CNPC and partners Malaysia's Petronas and France's Total will develop the 4.1 billion-barrel Halfaya field for $1.40 per barrel produced.
The deal was signed Wednesday in Baghdad. It has an option to be extended for an additional five years.
It was among seven oil deals awarded in Iraq's second postwar bidding round in December.
For CNPC, it's the third oil deal secured in Iraq and reflects the push by China to seek new energy sources for its growing economy.