CNPC to increase Rumaila Oil Field's output by 10% this year

China National Petroleum Corp, the largest oil and gas producer and supplier in the country, yesterday said that it plans to increase the output of Rumaila Oil Field, the largest oil field in Iraq, by 10% by the end of this year, sources reported.
Source:chinaknowledge     Time:22 Apr 2010
Apr. 22, 2010 (China Knowledge) - China National Petroleum Corp, the largest oil and gas producer and supplier in the country, yesterday said that it plans to increase the output of Rumaila Oil Field, the largest oil field in Iraq, by 10% by the end of this year, sources reported.

In November, U.K.-based BP Plc and CNPC jointly won a 20-year contract to develop the oil field. At that time, the daily oil output of Rumaila was 1.05 million barrels. Subsequently, the partners agreed to increase the daily oil output to 2.85 million barrels within seven years.

CNPC said that it and BP will fully take over the development and management of the oil field before Jun. 30 this year. BP will hold a 38% stake in the oil field, while CNPC will hold a 37% stake and Iraq-based South Oil Co will hold a 25% stake.

In January, CNPC said that it produced 69.6 million tons of crude oil and 8.2 billion cubic meters of natural gas from 81 projects in 29 countries outside China last year, according to an earlier report from China Knowledge.
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