BP-led consortium submits Rumaila plan in Iraq
Plan is final hurdle to overcome before the contracts are signed
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The consortium that won the contract for the super giant Rumaila oilfield in Iraq has submitted its initial development plan to the country’s Oil Ministry in Baghdad.
The news agency AFP reported that the consortium, led by British supermajor BP and including the China National Petroleum Corp. (CNPC) had a meeting with senior Iraqi oil officials as wells as lawmakers and councilors from the Basra region where Rumaila is situated to discuss the proposals.
It is believed that if the development plan meets the criteria set by the Oil Ministry, the contract will then be signed between the two parties.
"The ministry wants to see if the winners are serious and they aren't gambling before signing the contract. The plan supposed to be preliminary and doesn't go into details," a source is quoted by AFP as saying.
In a statement recently emailed to ArabianOilandGas.com a BP spokesman said: "BP and its partner China National Petroleum Corporation (CNPC ) are very pleased to have participated in the transparent and efficient [auction] process."
"We are looking forward to the next step towards finalising the service contract to increase production of the Rumaila field. We will give further information upon finalisation of the contract," the spokesman added.
The Rumaila field lies along Iraq’s border with Kuwait and has a current output of between 950,000-980,000 barrels per day (bpd). The target output for the field is 1.75 million bpd.