Iraq agrees terms with BP and CNPC on oil deal

[The Straight Story]

Iraq agrees terms with BP and CNPC on oil deal

BAGHDAD — Iraq's oil ministry said on Thursday it had agreed commercial terms for a key deal with Britain's BP and China's CNPC International to almost triple production at a giant southern oilfield.

Officials from Iraq's state-owned South Oil Company and the two oil majors have put their initials to the deal, paving the way for final approval, ministry spokesman Assem Jihad told AFP.

"The contract will be sent to the cabinet for approval, then a final date will be chosen to sign the contract during an official ceremony," he said.

The venture, expected to cost 14-20 billion dollars, is expected to boost production at the southern Rumaila field from the current one million barrels per day (bpd) to around 2.8 million bpd over its 20-year duration.

Rumaila is already integral to Iraq's output, contributing almost half the nation's current oil production of around 2.5 million bpd.

http://www.google.com/hostednews/afp/article/ALeqM5iOCNS_7Z7V5NggP7CsSnaL2X5EXw

[TxRider]

1. Ungrateful Iraqis

No American oil companies got any oil?

[The Straight Story]

2. Does not matter which country owns a company, matters who owns the stock

;)