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Article: China : BP, China National Petroleum Corporation finalise agreement on Iraq's Rumaila oil field.
- Article from:
- TendersInfo
- Article date:
- November 6, 2009
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Byline: manish03
A CONSORTIUM made up of BP and China National Petroleum Corporation (CNPC) finalised an agreement yesterday to develop southern Iraq's giant Rumaila oil field, after snapping up the contract in Iraq's historic oil field auction over the summer.
The deal is a coup for the British super major, which holds the biggest stake in the venture. But it also makes the Chinese oil company the dominant foreign player so far in Iraq's promising oil patch, following another big development deal in Iraq inked last year by CNPC.
The BP-CNPC consortium promised to pump in $US15 billion in investment to raise production at Rumaila from its ...