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Market: LSE, NYSE(ADR)
Sector: Energy
EPIC: BP.
Latest Price: 486.50p  (-0.62% Descending)
52-week High: 503.80p
52-week Low: 361.25p
Market Cap: 92,322.56M
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BP
www.bp.com

BP is one of the world's largest oil and gas companies with operations in more than 100 countries across six continents. The company's main businesses are exploration and production of oil and gas; refining, manufacturing and marketing of oil products and petrochemicals; transportation and marketing of natural gas; and BP Alternative Energy, a growing business in renewable and low-carbon power and next generation energy technologies.

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BP and China’s CNPC sign technical services deal to develop Iraq’s Rumaila oil field

3rd Nov 2009, 2:51 pm BP and China’s CNPC sign technical services deal to develop Iraq’s Rumaila oil field

BP PLC (LSE: BP) and China National Petroleum Corporation (CNPC), announced today that they have signed a technical service contract with Iraq's state-owned South Oil Co (SOC) to expand production from the Rumaila oil field near Basra.

The signing follows BP's successful bid for the contract with CNPC in Baghdad in June.

The consortium, led by BP with 38 percent, with partners CNPC, 37 percent, and the Iraq government's representative State Oil Marketing Organisation, holding 25 percent, has agreed to nearly triple the Rumaila field's output to almost 3 million barrels of oil a day, which would make it the world's second largest producing oilfield.

BP and CNPC plan to invest approximately US$15 billion in cash over the 20 year lifetime of the contract with the intention of increasing plateau production to 2.85 million bpd in the second half of the next decade. Once production has been raised by 10 per cent from its current level of about 1 million bpd, costs will start to be recovered, and fees of US$2 a barrel earned on the incremental oil production.

The Rumaila Field Operating Organisation (ROO) will manage the rehabilitation and expansion project. ROO will be staffed mainly by employees from SOC and will contain a small number of technical experts and managers from BP and CNPC.

BP has already gained information about the Rumaila field through a three year memorandum of understanding to provide technical assistance from 2005 and historically has knowledge of the field's geology dating back to discovery in 1953.

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