UK oil major seeks approval from Baghdad to lower production plateau at huge field in southern Iraq
The UK’s BP has approached the Iraq government with proposals that would see the terms of its contract for the Rumaila oilfield changed.
The UK’s Financial Times reported that the oil major wants to reduce the output target from the initial 2.85 million barrels-a-day (b/d) target to a figure closer to 2 million b/d. The field currently produces about 1.35 million b/d.
The move has been described by BP as the most effective method or increasing the lifespan of the field.
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