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    Monday, October 13, 2009     FOLLOW UPDATES ON TWITTER

    BP, China oil firm to control development of major new Iraq oil field

    BAGHDAD — The Iraqi Oil Ministry has signed an agreement with British Petroleum and China's CNPC to develop the Rumeila oil field.   

    Rumeila, with a current capacity of 1.1 million barrels per day and reserves of nearly 17 billion barrels, is by far one of Iraq's largest sources of crude oil.

    Under the project, the two companies would increase output to 2.85 million barrels per day over the next 20 years.

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    [On Oct. 12, the autonomous Kurdish Regional Government, in its latest rift with Baghdad, has announced the suspension of crude oil exports, Middle East Newsline reported. KRG said the renewal of exports would take place after the Iraqi Oil Ministry pays foreign contractors for the oil they produced and transported through Iraqi pipelines. KRG has pumped all of its oil through pipelines controlled by the Oil Ministry in Baghdad.]

    "The contract will be referred to the Cabinet for approval, after which the Oil Ministry will hold a ceremony to announce the beginning of work by the two companies," Oil Ministry spokesman Asim Jihad said on Oct. 8.

    Under the agreement, BP would acquire a 38 percent share in the project, with CNPC another 37 percent. The state-owned State Oil Marketing Organization would hold the remaining minority share.  

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