PetroChina, BP Meet Iraqi Oilfield Production Target
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.
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