BP is seeking to change the terms of its contract with the Iraq government for the supergiant Rumaila oilfield, in a reflection of the challenges facing western oil companies as they try to ramp up oil production in an Iraq still dogged by poor infrastructure, red tape and export bottlenecks.
Under the contract it signed with Baghdad in 2009, BP is obliged to raise output from the field, one of the world’s largest, to 2.85m barrels a day. But the company will now propose scaling back that target.
BP says it will present a suite of options to the government, ranging from a plateau production target of slightly below 2m b/d to the original objective of 2.85m b/d.
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