Rumaila oilfield service contract signed in Iraq

abarrelfullabarrelfull wrote on 12 Nov 2012 12:15

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Wednesday, November 04, 2009

On November 3, a service contract for Rumaila oilfield was signed between CNPC, BP and Iraq's State Oil Marketing Organization (SOMO) in Baghdad.

Under the contract, BP (38 percent), CNPC (37 percent) and SOMO ( 25 percent) agreed to establish a consortium within 30 days and to take over oilfield operation in a year. Also, BP and CNPC will get involved in the oilfield's production within six months after the contract come into force, to boost Rumaila's capacity to 2.85 million barrels of oil a day in six year period.

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