The latest news BP Iraq – Oil, oilfields, contracts, production and more – brought to you by Iraq Business News
By Dr. Sami Shubber, founder of Hamourabi Office in Baghdad, Iraq. For more details about this case, please click here. 1. The Iraqi Ministry of Oil awarded a contract to BP and China National Petroleum Co. (SINOPEC) in 2009 for the development of the Rumaila oilfield. A lawsuit has been filed before the Iraqi Supreme […]
Markets hate uncertainty, but history has shown us that times of uncertainty create the greatest opportunities. Warren Buffett's famous saying, “be fearful when others are greedy, and be greedy when others are fearful”, is true whether referring to the stock market or to risk-taking in general. And Iraq is giving us plenty of risk and […]
Yesterday we reported that Michael Townshend, President of BP Iraq, was planning to increase production at the supergiant Rumaila oilfield by 10% over the next six months; today we can give you details of more than 100 new wells to be drilled at the field by the end of next year. Three international service companies, […]
British oil major BP, along with its partner China National Petroleum Corp, plans to increase production from Iraq's Rumaila oil field by more than 100,000 barrels a day at the beginning of next year, a BP executive said Sunday, according to a report in the Wall Street Journal. "Initial production will go up by 10% […]
Iraq's oil minister said on Saturday he sees no impact from the massive oil spill at a BP well in the Gulf of Mexico on Iraq's current or future projects to develop its giant oilfields. BP has promised to pay damages to those hurt by the worst oil spill in U.S. history and has committed […]
On July 1, the operational management of Iraq's Rumaila project was officially transferred to Rumaila Field Operating Organization (ROO), a consortium led by CNPC, BP and Iraq's South Oil Company. On July 3, BP, CNPC and Iraq's South Oil Company held a ceremony at Basra to mark the transfer. More than 130 representatives from the […]
22 June 2010 (Source: PressReleaseNetwork.com) For the first time in more than three decades, two oil and gas exploration license bidding rounds took place in Iraq in 2009. The first round saw a consortium consisting of the UK's BP and China's CNPC spearheading IOC activities as they won the first 20 year service contract to […]
"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
TNK-BP Holding and Iraq Oil Company for Oil Investments (IOCOI) have signed an agreement to establish a joint venture aimed at identifying potential projects to acquire, develop and operate oil and gas fields on the territory of Iraq.
28 April 2010 - Bloomberg BP Plc will be paid in crude for its investment costs in an Iraqi contract that offers about the same rate of return as other projects worldwide, Chief Executive Officer Tony Hayward said. BP and China National Petroleum Corp. are spending about $15 billion in Rumaila, Iraq’s largest oil deposit, pledging […]
A consortium led by China National Petroleum Corp. and U.K. oil major BP PLC plans to increase crude oil production from the field by 10% by the end of this year.
Before the United States and Britain invaded Iraq in March 2003, their oil companies were shut out of oil-production contracts being negotiated by the government of Saddam Hussein. Today, more than six years of war later, Saddam is gone, and the U.S. and British oil companies are not only in on the oil contracts, they […]
