U.K. oil company BP PLC is giving partner China National Petroleum Corp. a larger share of equity in a project to develop Rumaila, Iraq's largest producing oil field, a senior Iraqi oil official said.
The change cuts BP's stake in Rumaila to 38% from an initial 50%, and raises CNPC's share to 37% from 25%. Iraq's South Oil Co. holds the rest, the official said. The BP-led group won the project to develop the southern Rumaila field in a bidding round at the end of June.
"Discussions on finalizing the contract continue and details are confidential until the process is complete," said a BP spokesman. He added that BP believes it will continue to operate the project. CNPC wasn't immediately available to comment.
The change cuts BP's stake in Rumaila to 38% from an initial 50%, and raises CNPC's share to 37% from 25%. Iraq's South Oil Co. holds the rest, the official said. The BP-led group won the project to develop the southern Rumaila field in a bidding round at the end of June.
"Discussions on finalizing the contract continue and details are confidential until the process is complete," said a BP spokesman. He added that BP believes it will continue to operate the project. CNPC wasn't immediately available to comment.