Dinar Iraq News
BP Says Output at Rumaila Now Allows It to Earn Profit on Field
By
Brian Swint
-
Jan 11, 2011 7:04 PM GMT+0800
BP Plc, Europe’s second-biggest oil
company, said output at Rumaila has increased enough for the
explorer to start making money from the field in southern Iraq.
Production has increased more than 10 percent from the
1.066 million barrels a day initial rate agreed in December
2009, BP said today in a statement in London. BP is the lead
contractor in Rumaila Operating Organization, with PetroChina
Co. and Iraq’s state-owned South Oil Company as partners.
The production gains allow BP to start recovering their
investment under the terms of the agreement, London-based BP
spokesman Toby Odone said. Iraq is seeking to lift oil
production to 6 million barrels a day by 2015 to bolster its
war-torn economy, and Rumaila will become the world’s second-
biggest producing oil field if it reaches its output goal of
almost 3 million barrels a day.
“This is an exciting milestone in the history of
Rumaila,” Salah Mohammed, the field’s joint general manager,
said in the statement. “It is a testimony to the efforts of
thousands of people who are working on Rumaila -- not just that
we have increased production but that we are doing so
sustainably and with due regard to safety.”
In the past year, 20 new rigs have moved on to the field
and 41 wells have been drilled, BP said. About 10,000 people are
working on Rumaila, double the number at the beginning of 2010.
The first phase of a new headquarters and accommodation
complex has been completed. Debris left over from the war have
been cleared from roads, well sites and other areas of the
field, the company said.
Source:
http://www.bloomberg.com/news/2011-01-11/bp-says-output-at-rumaila-now-allows-it-to-earn-profit-on-field.html
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