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 […]
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The latest Rumaila business news – BP, CNPC, the Rumaila Oil Contract and more – brought to you by Iraq Business News
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.
Chinese firm Daqing and a joint venture between Schlumberger and the state-owned Iraq Drilling Co are each being awarded contracts to drill 21 new wells, while Weatherford International was awarded seven new wells.
BP and partner CNPC have awarded $500 million drilling contracts to raise production from the Rumaila oil field.