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PetroChina, BP Meet Iraqi Oilfield Production Target

By Bloomberg News - 2011-01-11T10:42:51Z

PetroChina Co. and BP Plc met their 2010 output target for Rumaila oilfield in southern Iraq, the Beijing-based producer said.

The group aimed to increase output by more than 10 percent from 1.07 million barrels a day in 2009, PetroChina said in a statement on its website today.

PetroChina and BP signed a 20-year service contract with Iraq’s state-owned South Oil Co. in November 2009 to boost Rumaila’s output to 2.85 million barrels a day, making it the world’s second-largest producing oilfield, BP said then.

Rumaila was the only oilfield contract awarded by Iraq in June 2009 in the first bidding round since the U.S.-led invasion in 2003. BP has a 38 percent interest in the service project, PetroChina 37 percent and Iraq’s State Oil Marketing Organization 25 percent.

--Winnie Zhu. Editors: Ryan Woo.

To contact the reporter on this story: Winnie Zhu in Shanghai at wzhu4@bloomberg.net

To contact the editor responsible for this story: Jane Lee at jalee@bloomberg.net.