BP AND China National Petroleum have won the right to develop Rumaila, the largest Iraqi oil field, as the war-torn country seeks to more than double production over the next six years.
The BP-led group beat a bid from Exxon Mobil Corporation and Malaysia's state oil company, an oil ministry spokesman in Baghdad said yesterday. Six oil and two gas fields in the bidding round may yield $US1.7 trillion ($A2.1 trillion) in profit over 20 years for Iraq, said Oil Minister Hussain al-Shahristani. "This is the only resource of wealth available to us at this time," Prime Minister Nuri al-Maliki said in a speech at the start of the licensing round in Baghdad, where foreign oil companies are bidding for service contracts.
Full Story: BP-led group wins bid for Iraqi oil field - The Age
The BP-led group beat a bid from Exxon Mobil Corporation and Malaysia's state oil company, an oil ministry spokesman in Baghdad said yesterday. Six oil and two gas fields in the bidding round may yield $US1.7 trillion ($A2.1 trillion) in profit over 20 years for Iraq, said Oil Minister Hussain al-Shahristani. "This is the only resource of wealth available to us at this time," Prime Minister Nuri al-Maliki said in a speech at the start of the licensing round in Baghdad, where foreign oil companies are bidding for service contracts.
Full Story: BP-led group wins bid for Iraqi oil field - The Age
