BP and CNPC push forward in Iraq despite oil law uncertainty
BP and China National Petroleum Corporation (CNPC) have awarded a raft of other energy and commodities companies deals to start drilling and production in the lucrative Iraqi Rumaila oilfield, which they operate, despite the current lack of a petroleum law.
The oil majors awarded 49 new drilling contracts for the Rumaila field, which has an estimated 17 billion barrels worth of oil reserves. The interest in the field comes despite the lack of an oil law, which could affect whether these companies will be allowed to export production out of the country.
Iraqi officials confirmed in a media report that Chinese firm Daqing and a joint venture between Schlumberger and the state-owned Iraq Drilling Company are each being awarded contracts to drill 21
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