By John Lee.
According to documents seen by Reuters, the three firms agreed to spend in the second half of 2016 roughly half the budgets they proposed for 2015:
- BP to spend $1.8 billion this year at Rumaila. It had initially planned to spend $3.5 billion last year, which it revised down to $2.5 billion;
- Shell to spend $742 million; it proposed $1.5 billion last year; and,
- Lukoil to spend $1.08 billion; it proposed $2.1 billion last year.