May 27, 2012
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Chinese producer, BP take over Iraqi oil field
13 July 2010 / AP, BEIJING
State-owned China National Petroleum Corp. said Monday it and BP have taken over operating Iraq’s Rumaila oilfield, the country’s biggest.
Iraq’s government has signed a string of deals with foreign energy companies to restore its dilapidated oil industry and boost output.
Rumaila is producing just over 1 million barrels per day and the partners plan to raise that by 10 percent by the end of the year, CNPC said in its newsletter, China Oil News. Rumaila, in the southern city of Basra, has 17.8 billion barrels of reserves. BP PLC owns 38 percent of the venture, CNPC has 37 percent and Iraq’s South Oil Co. has 25 percent. China has become a major player in Iraq’s oil industry after CNPC and other government-owned signed a series of production agreements.
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