BP lifted its first cargo of Basra light crude from Rumaila this week, according to a report in the Telegraph. The cargo is worth about $200m [240 billion Iraq dinars].
The company is working with China National Petroleum Corporation (CNPC) on the field and the two companies are due $1bn for boosting production, drilling new wells and improving operations over the past year.
They have managed to increase production at Rumaila by 10pc more than expected. After a year of work, output is now running at about 1.2m barrels per day – 100,000 barrels ahead of the earlier output.
Rumaila once produced 1.6m barrels, but it has been neglected during years of war and sanctions.
(Source: The Telegraph)