China National Petroleum Corporation said on Wednesday that it has officially taken over from US oil giant ExxonMobil as the lead contractor for Iraq's West Qurna 1 oilfield.

Located about 50 kilometers Northwest of Basra, the oilfield is one of Iraq's largest oilfields with an estimated annual crude oil output of more than 25 million metric tons and recoverable reserves estimated at more than 20 billion barrels, said CNPC.

The company said it expected China and Iraq to work together to make the oilfield project an excellent example of energy cooperation between the two countries, and it would adhere to the principle of mutual benefit and win-win cooperation to ensure a smooth handover and orderly transition.

zhengxin@chinadaily.com.cn