Iraq appears to have significantly reduced the production plateau target (PPT) of its largest field, Rumaila, from 2.1mn b/d to 1.7mn b/d. This is another marked reduction, after operator BP negotiated a downwards revision from 2.85mn b/d to 2.1mn b/d back in 2014 (MEES, 5 September 2014). Capacity currently stands at 1.45mn b/d/

The new figure was given during the 24 November launch of the new Basra Energy Company Limited (BECL). BECL is the new structured entity managing the field for operator BP (47.63%) and its partners PetroChina (46.37%) and state marketer Somo (5%). Prior to the re-structuring, the partners operated the field via a joint field management entity called the Rumaila Operating Organization (ROO). (CONTINUED - 772 WORDS)