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BP account cards news: Exploration firms 'invited to drill in Iraq'

18 February, 10
The profile of BP account cards may be raised by news of the company's plans to expand its efforts in Iraq.

BP and its consortium partners China National Petroleum Corporation and the Iraqi government have revealed plans allowing oil exploration firms to drill for new sources of the hydrocarbon in the giant Rumaila field.

A 38 per cent controlling interest is held by the energy firm in what it describes as the "super-giant" Rumaila reserve, which is located near Basra in southern Iraq.

Under the terms of the agreement struck by the consortium in November 2009, BP and its partners pledged to almost triple the output of Rumaila to three million barrels of oil per day, making it the world's second largest producing field.

It has invited ten companies, including Halliburton, to drill at least 50 new wells in the resource in a bid to up production.

"We are pleased to have this opportunity to work with the people of Iraq to develop one of the world's great oilfields," said BP chief executive Tony Hayward on winning the contract last year.

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Posted by Nick JenkinsADNFCR-2675-ID-19624478-ADNFCR

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BP account cards news: Exploration firms 'invited to drill in Iraq'