China to develop Iraq's super-giant oilfield

11:16, October 09, 2009      

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Iraq had signed a deal in Baghdad with British Petroleum (BP) and China National Petroleum Corp (CNPC) to develop its super-giant Rumaila oilfield, according to Iraq's oil ministry on Thursday.

The program, worth more than 15 billion U.S. dollars of investment, is a milestone in Iraq's efforts to renew its struggling oil sector, said Asim Jihad, a ministry spokesman.

According to the 20-year contract, BP holds a 38 per cent stake in the venture, while CNPC has a 37 per cent share. Iraq's State Oil Marketing Organisation controls the rest.

Currently, Rumaila has a capacity of 1.1 million barrels per day, almost half Iraq's total output of 2.4m bpd. BP and CNPC aim to boost output to 2.85m barrels per day.


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