- Iraq's government has reached agreement with BP, Royal Dutch Shell (RDS.A, RDS.B) and Lukoil (OTCPK:LUKOY, OTC:LUKOF) to restart investment in oil fields the firms are developing that was halted this year, Reuters reports.
- The agreements effectively delay to H2 of the year projects that the three companies had planned to carry out in H1, which had been suspended because of low oil prices.
- BP has agreed to spend $1.8B this year at the Rumaila field it operates after initially agreeing last year to spend $3.5B, Shell agreed to spend $742M after proposing $1.5B, and Lukoil would spend $1.08B vs. $2.1B it had proposed last year, according to the report.