BP, CNPC Group Wins Bid to Develop Rumaila Oil Field in Iraq
By Anthony DiPaola and Maher Chmaytelli
June 30 (Bloomberg) -- BP Plc and its partner China National Petroleum Corp. won the right to develop the Rumaila oil field in southern Iraq as the Middle Eastern state seeks international partners to help it boost crude production.
The BP-led group beat a bid from Exxon Mobil Corp. and Malaysia’s Petronas after improving their offer, a spokesman for the oil ministry said during Iraq’s first licensing round in Baghdad today.
Iraq, holder of the world’s third-largest oil reserves, had given the two groups time to improve their bids to develop the Rumaila field after neither offer met the government’s minimum requirements.
To contact the reporter on this story: Maher Chmaytelli in Dubai at mchmaytelli@bloomberg.net
By Anthony DiPaola and Maher Chmaytelli
June 30 (Bloomberg) -- BP Plc and its partner China National Petroleum Corp. won the right to develop the Rumaila oil field in southern Iraq as the Middle Eastern state seeks international partners to help it boost crude production.
The BP-led group beat a bid from Exxon Mobil Corp. and Malaysia’s Petronas after improving their offer, a spokesman for the oil ministry said during Iraq’s first licensing round in Baghdad today.
Iraq, holder of the world’s third-largest oil reserves, had given the two groups time to improve their bids to develop the Rumaila field after neither offer met the government’s minimum requirements.
To contact the reporter on this story: Maher Chmaytelli in Dubai at mchmaytelli@bloomberg.net