Rumaila Field – Iraq
A consortium of Britsh BP and Chinese CNPC has successfully secured a production contract in Iraq. Rumaila field is a producing field and the consortium will be focusing on more than doubling the production there to 2.85 million bpd, up from its current flow rate of 0.95 million bpd.
The BP-CNPC consortium bid beat off competition from ExxonMobil and Malaysia’s Petronas, and was the only successfully signed contract at Iraq’s first contract auction since the U.S.-led invasion back in 2003.
Read more here.