BP is in discussions with Iraqi Oil Minister Jabbar al-Luaibi on the next stage of development of the 1.5mn b/d Rumaila fieldBP’s only Iraqi asset and the country’s largest producer. A comprehensive agreement is essential for both BP and Baghdad to hit their respective targets for Iraqi output, particularly given that Rumaila is an essential piece of BP’s Middle East portfolio (see chart).
But, leaving aside expansion plans, Rumaila’s mature reservoirs mean just maintaining current 1.5mn b/d output is a major task. Its 17% base decline means 250,000 b/d must be added annually just to maintain current production. As for the next step, BP country manager Zaid Elyaseri tells MEES that there are no imminent plans for greenfield production at Rumaila in the near future. (CONTINUED - 1021 WORDS)