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.
Showing posts with label Rumaila Oil Field. Show all posts
Showing posts with label Rumaila Oil Field. Show all posts
Thursday, November 4, 2010
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.
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.
Tuesday, July 20, 2010
BP (NYSE:BP) Drilling Up to 100 New Oil Wells in Iraq's Rumaila Field
Along with partners South Oil Co., the Iraqi state-run oil company, and China National Petroleum, BP (NYSE:BP) will be issuing tenders to drill up to 100 oil wells in the giant Rumaila oil field in Iraq over the next two years.
The consortium have committed to increasing oil production at the field to 2.85 million barrels a day by the end of seven years.
BP holds the largest stake in the field at 38 percent, CNPC is right behind at 37 percent, and South Oil Co. owns the other 25 percent.
The goal in 2011 is to increase oil production by over 100,000 barrels a day, and they hope to do that in the early part of the year.
Revenue is generated from a fixed rate of $2 a barrel for each additional barrel produced at the Rumaila field.
The consortium have committed to increasing oil production at the field to 2.85 million barrels a day by the end of seven years.
BP holds the largest stake in the field at 38 percent, CNPC is right behind at 37 percent, and South Oil Co. owns the other 25 percent.
The goal in 2011 is to increase oil production by over 100,000 barrels a day, and they hope to do that in the early part of the year.
Revenue is generated from a fixed rate of $2 a barrel for each additional barrel produced at the Rumaila field.
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