The consortium which won the contract to develop the Rumaila oilfield in Iraq is planning to increase crude oil production from the field by 10% by the end of this year, Dow Jones has reported.
The consortium is led by China National Petroleum Corp (CNPC) and BP and signed a 20 year service agreement with the firms in November last year, at which point the field was producing 1.05 million barrels per day.
The firms are contracted to nearly triple the production of the oilfield, which accounts for 40% of Iraq’s current output of 2.45 million barrels per day. The field has proven reserves of up to 20 billion barrels.
Under the deal which was signed last year BP holds a 38% stake, CNPC holds 37% and Iraq’s South Oil Co. holds the remainder. A joint operational team will take over the development and magement of the Rumaila oil field by the end of June.
