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Oil Companies Reject Iraq's Contract Terms
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A BP led consortium won the right to develop the giant Rumaila oil field. Efforts for seven other oil and gas fields did not result in striking deals with oil companies. The Iraqi government set aggressive pricing for 20 year technical service contracts in which companies were paid fees for boosting output, and set this at $2 abarrel. The sole award for the Rumaila field can boost Iraqi oil output from the current 2.4 million barrels a day to more than 4 million barrels aday which is the Iraqi oil ministry's goal. The BP led group includes the China Petroleum Company. It bid $3.99 but finally accepted the $2.00 a barrel payment.
The Iraqi oil industry modernization after the American withdrawal in 2009.
07/01/2009
BP led consortium accepts a $2.00 per barrel deal for increasing production at the Rumailla oil field in return for technical services. The potential to increase production from 2.4 million b/d to 4.00 million b/d the Iraqi oil ministry's goal.
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Ambitious goals for oil production are set by the Iraqi government as oil companies from the, U.S., Europe, Russia and China, provide the expertise to increase production from older oil fields. Problems of infrastructure and national oil legislation hinder rapid development.
Linked Articles
Crude Oil Output Is Soaring in Iraq, Easing Markets
New York Times 06/02/2012
Oil Companies Reject Iraq's Contract Terms
Wall Street Journal 07/01/2009
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