CNPC to supply bulk of equipment for Iraq's Rumaila development

Nov 17, 2009 01:00 AM

China National Petroleum Corp. will supply the bulk of equipment for the $ 15 bn redevelopment of the Rumaila field in Iraq, an executive at its partner, BP, said.
"CNPC will deliver pipes, rigs, valves and other equipment for the Rumaila redevelopment at highly competitive rates, Jean-Baptists Renard, BP's head of the Europe and Southern Africa regions, said at the World NOC Downstream conference in London.

The BP-CNPC consortium promised to pump $ 15 bn in investment to raise production at Rumaila from its current 1 mm bpd to 2.85 mm.
BP will hold a 38 % stake in the venture, while CNPC will own 37 %. Iraq's Southern Oil Company will hold the remaining 25 %.

Source / Dow Jones & Company, Inc.
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