BP to Cut Spending at Rumaila

By John Lee.

Oil major BP has reportedly agreed with the Iraqi oil ministry to cut this year's expenditure on development work at Rumaila oilfield from $3.5 billion (4.1-billion-Iraqi-dinar) to $2.5 billion.

According to The Economic Times, the cut in spending will have no impact on production from the oilfield this year, where output is expected to remain steady at current levels of around 1.4 million bpd.

(Source: The Economic Times)

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