Iraq’s cabinet on 24 August approved the “restructuring” of BP and CNPC’s stakes in the 1.45mn b/d Rumaila oilfield into a joint venture company.
BP confirms that Basra Energy Co. will be a “standalone company” able to independently raise external finance. The UK major’s greenwash-heavy energy transition plans have sought to get polluting assets like Rumaila off the parent company’s books (MEES, 18 June) following the path of its 19.75% stake in Russian state giant Rosneft. Similar deals for Angola and Algeria assets are also being explored (MEES, 4 June). (CONTINUED - 275 WORDS)