BP has got much of what it wanted in its newly-renegotiated technical service contract for Iraq’s giant Rumaila oil field. A tweak to presumed decline rates, which at first may appear largely technical, will dramatically increase the foreign firms’ remuneration, MEES understands.

The Iraqi Oil Ministry has cut its stake in Rumaila, Iraq’s largest oil field, to just 6% from 25% while improving terms of a renegotiated technical service contract, which has reduced the plateau production target (PPT) from the field by 750,000 b/d to 2.1mn b/d. The previous target of 2.85mn b/d was widely seen as unrealistic. (CONTINUED - 2088 WORDS)