BP wants Rumaila contract terms changed
- Iraq: Tuesday, December 18 - 2012 at 00:32
British Petroleum (BP) is seeking changes to the terms of its contract with the Iraqi government for the Rumaila oilfield, Financial Times has reported. Under the contract it signed with Baghdad in 2009, BP is obliged to raise output from the field to 2.85m barrels a day, but the oil major now wants the target scaled back. "The lower the production plateau, the longer you can keep it going," Michael Townshend, BP's regional president for Iraq, told the daily. "A lower production plateau that goes on for longer can give you the same returns as a higher plateau that runs for a shorter timeframe."
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