Iraq: New Rumaila Contract Includes Substantive Changes

Sep 6, 2014 | Ali Abu Iraq, Ben Lando, and Staff, Iraq Oil Report
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Iraq has renegotiated a lower production target for Rumaila, its most prolific oil field – part of a broader effort to moderate the country's oil ambitions, keeping them in line with expected market demands and domestic infrastructure constraints.The amendments to the Rumaila contract go beyond lowering the production plateau target and extending the life of the deal. Most importantly, BP and CNPC now hold a larger stake in the project, and they have added a contractual provision that ...