Iraqi government and China National Petroleum Corporation (CNPC) jointly held an operation ceremony of Halfaya oil field in Maysan, southern Iraq, on July 18.

The Halfaya oil field is China's largest oil cooperation project in Iraq currently. The project comes into production 15 months ahead of schedule, and its one-day crude output is 70,000 barrels and annual output is 5 million tons at present. Moreover, the project created over 2,000 jobs for local people.

Iraq's proved oil reserves are approximately 115 billion barrels, accounting for around 10 percent of total reserves worldwide, and rank No. 3 after those in Saudi Arabia and Iran. Oil export income makes up 95 percent of Iraq's total fiscal revenues.

The Iraqi government has signed over ten oil field development and service contracts with many foreign companies including CNPC and one-day crude output has exceeded 3 million tons since outburst of Iraq war.