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BP consortium wins Iraq’s largest oil field contract
The consortium beat its main rival...
June 30, 2009 12:30 by Aarti Nagraj
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.