Middle East Economic Survey


No 40


BP And Baghdad Agree On Terms For Landmark 1.85Mn B/D Rumaila Boost

BP, its partner CNPC and Iraqs Ministry of Oil have agreed commercial terms for their 20-year joint venture to boost production capacity at the giant Rumaila field to 2.85mn b/d from current levels of around 1mn b/d, MEES learns. Formal ratification of the $14-20bn agreement the first major upstream deal between Iraq and big oil since nationalization in the 1970s could happen...