China
National Petroleum Corp. will supply the bulk of equipment for the $15 billion
redevelopment of the Rumaila field in Iraq, an executive at its partner,
BP PLC (BP), said Tuesday.
"CNPC will deliver pipes, rigs, valves and other equipment for the Rumaila
redevelopment at highly competitive rates, Jean-Baptists Renard, BP's head of
the Europe and Southern Africa regions, said at the World NOC Downstream
conference in London.
The BP-CNPC consortium promised to pump $15 billion in investment to raise production
at Rumaila from its current 1 million barrels a day to 2.85 million. BP will
hold a 38% stake in the venture, while CNPC will own 37%. Iraq's
Southern Oil Company will hold the remaining 25%.