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Article: China : BP, CNPC pledge $15 billion on vast Rumaila oil field.
- Article from:
- TendersInfo
- Article date:
- November 4, 2009
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Byline: manish03
BP and China National Petroleum Corp. on Tuesday pledged to invest $15 billion in Iraq to build up output at the country's vast Rumaila oil field to the second-largest in the world.
BP /quotes/comstock/13*!bp/quotes/nls/bp (BP 57.21, -0.06, -0.10%) and CNPC plan to boost the Rumaila field's capacity near Basra to 2.85 million barrels of oil a day. Rumaila, a vast reservoir of fossil fuel in southern Iraq, is said to hold 17 billion barrels of oil.
It's the first of what could be a wave of money flowing into the country as the oil majors take aim at the country's huge fossil fuel potential, surpassed only by Saudi Arabia.