Oil Major BP PLC (BP) and partner China National Petroleum Corp., or CNPC received a total of $4.5 billion until the end of 2012 for their investments in the supergiant Rumaila oil field in southern Iraq, a senior Iraqi oil official has said.
Oil Major BP PLC (BP)
and partner China National Petroleum Corp., or CNPC received a total of $4.5
billion until the end of 2012 for their investments in the supergiant Rumaila
oil field in southern
Iraq
, a senior Iraqi oil official has said.
The partnership is developing the 17-billion-barrel Rumaila, near
Basra
. The
field,
Iraq
's largest, is currently pumping around 1.4 million barrels a day and it
is expected to hit 2.1 million barrels a day in 2017.
Baghdad
has paid a total of $8.5 billion until the end of 2012 to companies
working in
Iraq
, Abdul Mehdy al-Ameedi, head of the Oil Ministry's petroleum contracts,
also told the Wall Street Journal.
Among the paid firms should be
U.S.
energy giant Exxon Mobil Corp. (XOM) and
Italy
's largest oil producer, Eni SpA (E), which are developing West Qurna-1
and Zubair oil fields in southern
Iraq
respectively.
Mr. Ameedi, who was speaking on the sidelines of an Iraqi oil meeting in
Amman
late
Tuesday night, gave no details of how much precisely each company was paid
except for BP and CNPC.
Exxon Mobil and Eni and their partners have invested billions of dollars to
upgrade these three supergiant fields.
"Total costs spent by these firms as well as accumulated remunerations
from producing oil from these fields have reached between $16 billion and $17
billion," Mr. Ameedi said.
The three fields are among a number of oil fields
Iraq
auctioned off to international oil companies in 2009 under service
contracts, which stipulate that the firms start to be paid to recover costs
once they boost production by 10% above an agreed baseline production.
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