ARABIAN TIMES NEWS NETWORK
In a move that highlights its growing global ambitions, China Oil HBP Group has signed a $225 million agreement to bring Iraq’s Naft Khana oil field back to life. The deal is not just another overseas contract, it represents a major step forward for the Chinese oilfield services provider and a boost for Iraq’s energy sector. The project focuses on reviving and modernizing the Naft Khana field, which has long been considered rich in untapped potential.
China Oil HBP will begin by carefully inspecting and assessing the field’s existing facilities. From there, teams will repair aging infrastructure, upgrade the central processing facility, and improve on-site installations. The company will also build a new gas treatment unit and a secondary power plant to ensure smoother, more reliable operations. Beyond restarting production, the company has committed to operating and maintaining the field for three years after output resumes.
This longer-term involvement reflects confidence in the project’s sustainability and signals a hands-on approach rather than a short-term intervention. Financially, the deal is substantial. Reports indicate that the contract equals 61 percent of China Oil HBP’s audited operating revenue for 2024, a clear sign of its scale and importance. Industry observers believe the agreement could significantly improve the company’s performance in the coming years while strengthening its footprint across the Middle East energy market.
Founded in 1998, China Oil HBP Group has grown into an international provider of integrated oil and gas solutions. Over the years, it has built a reputation for delivering engineering, technical services, and field development expertise in complex environments. The Naft Khana oil field, located in Iraq’s northeastern province of Diyala, holds more than four billion barrels of resources.
The immediate goal is to restore production to 15,000 barrels per day, a target that could provide fresh momentum to Iraq’s broader oil development efforts. At its heart, this agreement is about revival, restoring infrastructure, boosting production, and deepening international cooperation in a sector that remains central to the global economy.
