(MENAFN) British Petroleum (BP), one of the world's six super major oil and gas companies, agreed to reduce its spending allocation for Rumaila oilfield in Iraq to USD2.5 billion, Arab News reported.
The reduction came after the government warning of an upcoming downfall of oil prices amidst its struggle with terrorism, which made it difficult for Britain to compensate for oil firms.
The reduction went from a former USD3.5 billion allocation for spending, down to USD2.5 billion for this year.
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