The British Company BP which won a contract to develop Rumaileh giant oil well in addition to China National Petroleum Corporation announced that the production will increase by 10% by the end of the year as a prelude to increase it by 50% at the beginning of next year.
"A delegation from B.P. Company accompanied by a delegation from the Southern Oil Company visited Basra governor Shiltagh Abboud to give him brief information about the functioning of Rumaileh oil field," Mubin Muneim from Basra media said today.
"The delegation of the British company announced that the production of oil from Rumaileh field will increase by about 10% at the end of the year, while the rate will increase to about 50% at the beginning of next year.... The delegation considers this increase will achieve an economic leap forward for the investment in Basra".
Rumaileh oil field is one of the largest fields in the world, it produces more than a million barrels of oil per day, and the companies "B.P" and China National Petroleum Corporation "CNPC" won the licenses granted to increase the production to 2.85 million barrels per day, for two dollars a barrel from the additional production.
The reserves of Rumaileh oil field are estimated by 17 billion barrels and it currently pumps about half of the total Iraqi oil production, which is 2.4 million barrels per day.
"Allocating five million dollars to train cadres in oil sector is within the works of the British company B.P in addition to sending a number of workers out of the country to participate in specialized training sessions", says Muneim.