$200 billion generated for the Iraqi economy By Rumaila oilfield

$200 billion generated for the Iraqi economy By Rumaila oilfield

The Rumaila Operating Organisation (ROO), composed of BP, PetroChina and the South Oil Company of Iraq, today announced that the Rumaila oilfield has produced three billion barrels of oil since the joint venture began operating in January 2010.

During the past six years the oil produced from Rumaila has provided the Iraqi state with an estimated $200 billion dollars in revenue.

Oil production at Rumaila is now at its highest rate in 27 years, producing over 1.45 million barrels per day (bpd), up from 1 million in 2009.

The production increase was achieved despite challenging geological conditions and aging infrastructure and equipment within 40-year-old field. Addressing these issues has seen the ROO partnership develop a performance-led culture, empowering the local Iraqi workforce to deploy new and more advanced technologies.

Iraq’s Minister of Oil, Jabar Ali al-Luaibi, commented:

“Producing 3 billion barrels in such a short period of time is an impressive achievement. Rumaila is a crucial oil field and we look to our international partners and Iraqi colleagues to continue to increase production from the field in the years to come.”

bpBernard Looney, BP’s chief executive of Upstream, commented:

“Achieving 3 billion barrels of oil in less than seven years is a fantastic achievement, especially when you consider the challenges the oil and gas industry has faced globally during the past two years. Despite this challenging environment the BP team, working shoulder-to-shoulder with our colleagues at PetroChina and SOC, safely delivered increased production and important oil revenues for Iraq.”

Source / Molre: BP

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