- BP agrees to revise its deal to develop the giant Rumaila oil field in southern Iraq, shrugging off security fears in the country since the rise of Islamic State militants.
- Under the new agreement, production at Rumaila would rise by ~800K bbl/day within the next decade to 2.1M bbl/day, with the production plateau extended by five years to 2034.
- BP accounts for about half of Iraq’s production of crude from the giant Rumaila field, whose huge reserves and poor infrastructure mean BP can maximize output with modest levels of investment compared with greenfield projects elsewhere.
- Despite the heightened security concerns, BP CEO Bob Dudley attended the signing.
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