Thursday, November 4, 2010

BP (NYSE:BP) Update on Iraqi Rumaila Oilfield Progress

Since being awarded a contract for for developing the Rumaila oilfield in Iraq, Bp (NYSE:BP) said the project is progressing nicely, and the higher amount of activity at the location has been happening since they won the contract in June of 2009.

BP said they're focusing on increasing production at the wells already being operated, while also opening up new wells. Also targeted is the infrastructure surrounding the project, where flowlines are being checked and other elements examined to ensure a strong flow once production reaches higher levels.

Estimated reserves at Rumaila are about 17.8 billion barrels of oil, which are being developed by BP and its Chinese partner, CNPC.

Production at this time is about 1 million barrels on a daily basis.

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