Monday, October 18, 2010

BP (NYSE:BP) Raising Production at Rumaila by 100,000 Barrels Daily

BP PLC (NYSE:BP) and partner China National Petroleum Corp. said they're going to increase production at their Rumaila oil field in Iraq by 100,000 barrels a day, according to Iraqi deputy oil minister Abdul Kareem Luaibi.

Luaibi said, "Initial output of the field will go up by 10% next month."

At this time the giant oil field is producing 1.07 million barrels a day.

The original agreement in November 2009 was for this level to be reached over a three year period. It is now two years ahead of schedule, as increased production will begin in November 2010.

Current proven reserves at Rumaila are an estimated 17 billion barrels, although after 3D seismic surveys by BP, that amount should be much higher.

BP and CNPC have a 20-year development contract to develop the project.

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