International lenders did not disclose specificities, but said it was part of global cost-cutting plansNovember 26, 2015 11:32
Rumaila oilfield output to increase
China National Petroleum, along with BP, and a local partner assumed operations at Rumaila on July 1.
July 13, 2010 9:25 by Rasha Reslan
China National Petroleum Corp, CNPC, along with BP, and Iraq’s state-owned South Oil Co. are expected to increase output at Rumaila, Iraq’s giant oilfield, by 14 percent by year’s end, according to a report by KUNA, the Kuwait News agency.
The consortium of oil companies assumed full management of the block this month, following the signing of a 20-year service contract with Iraq in November, to increase Rumaila’s output to 2.85 million barrels a day. Rumaila could become the world’s second-largest producing oilfield, according to BP. Daily crude production at Rumaila is estimated at just over 1 million bpd, but could rise to 1.17 million barrels by the end of the year, CNPC said.