Iraq awards major oil contract to BP, CNPC


MENAFN - 04/11/2009

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(MENAFN) The Iraqi government signed a major oil deal with a consortium of two oil companies, Britain's BP and the China's CNPC, to develop the Rumaila oil field in the south of Iraq, Reuters reported.

The signed contract allows the two companies to get two US dollars for each additional barrel of oil produced at the oil field over and above agreed upon production levels, said Oil Minister Hussein Al-Shahrestani at a press conference.

A 35 percent levy will be imposed on the revenues of the two companies from their operations at Rumaila and 25 percent more will be taken from them for the benefit of their Iraqi partner, he said.

With the signing of the contract with BP and CNPC and other contracts singed before, oil production in Iraq will increase to six million barrels a day within a period of six years, he said. The contract won by the consortium was recently approved by the Iraqi cabinet.

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