A joint operational team led by China National Petroleum Corp. and U.K. oil major BP PLC (BP) has taken over operation and management of Iraq's largest producing oil field, Rumaila, CNPC said in its inhouse newsletter Monday. CNPC and BP both signed with Baghdad a 20-year technical service contract last November to develop Rumaila and planned to nearly triple production at the field to 2.85 million barrels a day in seven years.
The Rumaila oil field is currently producing more than 1.03 million barrels a day and the companies are targeting to raise output to 1.17 million barrels by the end of this year, CNPC said. In the consortium, BP holds a 38% stake in the venture, CNPC has 37% and Iraq's South Oil Co. holds the remaining 25%. Rumaila, which accounts for 40% of Iraq's current output of 2.45 million barrels a day, has proven reserves of up to 20 billion barrels.
