Saturday 25 July 2009

CNPC, not BP, to take majority of Iraq field

China National Petroleum Corp (CNPC) is to take the majority stake from BP in a project to develop the Rumaila oilfield in Iraq, industry sources said on Friday.

The sources said BP will remain part the project, which was awarded to develop the 17-billion-barrel southern Rumaila field in a bidding round at the end of June, but not with the majority stake under its initial bid made in partnership with CNPC.

A BP spokesman declined to comment on any changes in the company's stake but said it was proceeding with the finalisation of the contract.

No comments:

Post a Comment