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Tuesday, February 9 - 2010

BP Rumaila deal approved

  • Iraq: Sunday, October 18 - 2009 at 11:09

Iraq's cabinet has approved a contract with British Petroleum (BP) and China's CNPC to develop the super-giant Rumaila field, Reuters has reported. The contract is the first major new oilfield deal signed since the 2003 US invasion. BP and CNPC were the only successful bidders in the first round at the end of June. Rumaila is the workhorse of Iraq's oil industry, with capacity of 1.1 million barrels per day (bpd), with reserves estimated at 16.998 billion barrels.

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