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BP-Led Consortium Wins Contract To Develop Rumaila Oil Field In Iraq

Published: 30-Jun-2009

By: Staff Writer Staff Writer Staff Writer

A consortium between BP Plc (BP) and China National Petroleum Corporation (CNPC) has secured a contract for Iraq’s Rumaila oil field development. The consortium is looking for $3.99 remuneration for each extra barrel of oil produced. But after discussions on June 30, 2009, the consortium accepted the oil ministry's proposal of $2 a barrel. The companies have submitted tenders to raise production in Rumaila to 2.8 million barrels per day.

Rumaila oil field is now pumping 1.1 million barrels per day and reserves are estimated at around 17 billion barrels.

The BP-led group beat a bid from Exxon Mobil Corporation and Petroliam Nasional Berhad (Petronas) after improving their offer, a spokesman for the oil ministry said during Iraq’s first licensing round in Baghdad.

Iraq had given the two groups time to improve their bids to expand the Rumaila field after neither offer met the government’s minimum requirements.

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