BP, CNPC Bag Improved Rumaila Terms As Iraq Slashes State Stake

BP has got much of what it wanted in its newly-renegotiated technical service contract for Iraq’s giant Rumaila oil field. A tweak to presumed decline rates, which at first may appear largely technical, will dramatically increase the foreign firms’ remuneration, MEES understands.

The Iraqi Oil Ministry has cut its stake in Rumaila, Iraq’s largest oil field, to just 6% from 25% while improving terms of a...