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China’s CNPC to take oil from Iranian fields it owns as normal

China’s CNPC to take oil from Iranian fields it owns as normal

SHANGHAI : China National Petroleum Corp (CNPC) is continuing to take oil from Iranian oilfields where it has ownership stakes, even after the United States re-imposed sanctions on the country’s oil sector, a company executive said on Friday.

The state-owned oil giant entered Iran in 2004 when it acquired the MIS oilfield, in which it now holds a 75 percent stake. CNPC did not give an output figure for the field on its website.

It has also spent billions of dollars on developing the North Azadegan oilfield, which began production in 2016 of about 80,000 barrels per day of crude along with natural gas, according to the company’s website.

“Our main cooperation with Iran is upstream investment. Lifting equity oil is recouping our investment there,” Hou Qijun, deputy general manager for CNPC, said on the sidelines of an industry event.