LONDON (Dow Jones), Nov. 17, 2009
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%.
Copyright (c) 2009 Dow Jones & Company, Inc.
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