By Patrick Schmidt.
Name: Rumaila
Controlled by: Ministry of Oil (Baghdad).
Location: In the Basra region, about 20 miles from the Kuwaiti border.
Discovery: 1953
Reserves: 17.7 billion barrels of oil.
Size: 38 kilometers long and 12 kilometers wide.
Quality: The oil is sweet (low in sulphur) and around 34°API Gravity.
Developed by: Originally granted in 2009 to BP (38%), CNPC (37%), Iraqi state-owned South Oil Company (SOC) (25%). In 2021 the Basra Energy Company (BEC) was established to own and manage the companies' interests in field. BEC is owned by PetroChina (a subsidiary of CNPC), BP, SOMO and Basra Oil Company (BOC). The transaction is expected to complete during the second quarter of 2022.
Contract granted: 2009
Contract duration: 20 years.
Remuneration: $2.00 per barrel of oil.
Plateau production target: In 2014, the final production target was revised down from 2.85 million barrels per day (bpd) to 2.1 million bpd by 2016. At the establishment of the Basra Energy Company (BEC) in 2021, production was said to be 1.45 million bod, with plans to increase to 1.7 million bpd.
Other companies involved in the development: Petrofrac, China Petroleum and Engineering Construction Corporation (CPECC), Frontier Pitts, Baker Hughes, G4S, Schlumberger, Crescent, WorleyParsons, Frazer-Nash Consultancy, Cameron, Amec Foster Wheeler, Zhongman Petroleum and Natural Gas Group (ZPEC), Sulzer.
For latest news on the project please click here.
A full list of oil and gas fields controlled by the Ministry of Oil in Baghdad can be found here.
