China to develop Iraq's super-giant oilfield

11:16, October 09, 2009      

Email | Print | Subscribe | Comments | Forum 

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.

By People's Daily Online
  • Do you have something to say?
Special Coverage
  • 60th anniversary of founding of PRC
Major headlines
Editor's Pick
Most Popular
Hot Forum Dicussion