BP, CNPC get $4.5bn Rumaila Payment

By John Lee.

BP and China National Petroleum Corporation (CNPC) have received a total of $4.5 billion until the end of 2012 for their investments in the Rumaila oil field, according to a report from the Wall Street Journal.

A senior Iraqi oil official told the newspaper that Baghdad has paid a total of $8.5 billion until the end of 2012 to companies working in the country, but apart from the amount paid to BP and CNPC he gave no details of the amounts paid to each company.

Total costs spent by these firms as well as accumulated remunerations from producing oil from these fields have reached between $16 billion and $17 billion“, he added.

(Source: Wall Street Journal)

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