Iraq cuts output targets in revised oil deals with BP, CNPC | GulfNews.com

Iraq cuts output targets in revised oil deals with BP, CNPC | GulfNews.com:



"Iraq signed revised contracts with foreign oil companies for two southern oilfields on Thursday that reduced their production targets and extended the life of the deals, Iraqi oil officials said.



The revised deal with oil major BP for Iraq’s giant Rumaila oilfield cut the planned plateau level to 2.1 million barrels per day from 2.85 million bpd, Salah Mohammad, general manager of the Rumaila Operating Organisation, told Reuters.



Iraq also agreed with China’s CNPC to slash the final output target from the Halfaya oilfield to 400,000 bpd from 535,000 bpd, Adnan Noshi, head of state-run Maysan Oil Co, said."



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