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Latest News

BP consortium wins Iraq’s largest oil field contract

The consortium beat its main rival...


June 30, 2009 12:30 by

A consortium led by BP, which includes China’s CNPC, won the contract for Iraq’s Rumaila oil field after an alliance led by Exxon Mobil withdrew a rival bid, the Iraqi Oil Minister Hussain al-Shahristani said. The consortium was seeking $3.99 remuneration for each extra barrel of oil produced, but on Tuesday accepted the oil ministry’s terms of $2 a barrel.

Rumaila, which is the largest oil field in Iraq and one of the largest in the world, currently produces 1.1 million barrels a day and is estimated to have reserves of around 17 billion barrels. The companies had bid to increase output to 2.8 million barrels a day.


1 Comment

  1. Nick on July 1, 2009 10:12 am

    Thanks, Tony Blair, it worked out in the end!


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