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2.85 billion USD to be invested by BP for development of Rumaila oilfield in Iraq

2.85 billion USD to be invested by BP for development of Rumaila oilfield in Iraq
2.85 billon dollars have been allocated by the oil major BP for developing the Rumaila oilfield in Iraq, for the year of 2013. The allocation was around 2.2 billion dollars last year. The information has been revealed by the head of the joint management committee to the media source, Resuters on this Wednesday.

Rumaila oilfield is one of the biggest oilfields of the Iraq and the country is highly dependent over its oil export for the economic and infrastructural development of the country. The country has projected 6 million barrels per day export for the year of 2017. Hence, for fulfilling that ambition, Rumaila oilfield’s development will play crucial role. Salah Mohammad said production from the field would rise to 1.450 million bpd by the end of 2013 from around 1.4 million bpd now.

He also stated that the approved budget allocation for this particular oilfield is around 2.850 billion USD. In 2012, the approved budget for the development of Rumaila was $2.2 billion, of which around $1.9 billion was expended, Mohammed said.

Under the 2013 development plan for Rumaila, BP plans to issue three tenders for the drilling of 150 new oil wells in the second half of this year with each tender covering 50 wells. Mohammed stated that the company has a plan to drill 300 oil wells in the Rumaila oilfield for the next 5 years.

BP has also invited engineering companies to build a 300,000-bpd production facility and more than 20 firms are competing for the project. Rumaila, which BP operates with China's CNPC, has estimated reserves of around 17 billion barrels.
Updated 25 May 2013 | Soruce: Fox Business | By S.Seal
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