CNPC, BP Increase Daily Output at Rumaila by 14%

Source: Bloomberg 7/12/2010, Location: Middle East

China National Petroleum Corp., BP Plc and a local partner may increase production at Rumaila, Iraq’s biggest oilfield, by 14 percent by the year-end after assuming full management of the block this month.

Daily crude production may rise to 1.17 million barrels from more than 1.03 million barrels currently, CNPC said in a statement on its website today.

BP and CNPC signed a 20-year service contract with Iraq in November to increase Rumaila’s output to 2.85 million barrels a day, making it the world’s second-largest producing oilfield, the London-based producer said on Nov. 3. Iraq is seeking to raise oil production to 6 million barrels a day by 2015 to boost its war-ravaged economy.

A venture formed by CNPC, BP and Iraq’s state-owned South Oil Co. formally took over operations and management of Rumaila on July 1, the Beijing-based company said.

The contract was the only oilfield deal awarded by Iraq in June in the first bidding round since the U.S.-led invasion in 2003.


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