BP, CANC to get only $1 per oil barrel |
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British Petroleum (BPBP
) and the China's CANC will get around one U.S. dollar per each new additional barrel of oil produced from the al-Rumaila oilfield, an Iraqi oil ministry spokesman said Thursday. "The two companies agreed with the ministry's level of profits, which is two U.S. dollars per each new additional barrel of oil, but this price is subject to more cuts," Assim Jihad told Aswat al-Iraq news agency.
"The amount will be taxed by 35 percent," he explained.
"There will be also shares and some other commitments," he noted.
On July 1, 2009, the Iraqi cabinet approved the deal with BPBP and CANC to develop Rumaila's northern and southern oilfields, according to the official spokesman for the Iraqi government.
Ali al-Dabbagh said in a release that the BP-CANC coalition will raise the field's production from 950,000 to 2.85 million barrels per day (bpd), and that as an outcome of this service, the coalition will get two U.S. dollars for each produced barrel over the current 950,000 per day.
Bidding on investing in the Rumaila oilfield ended June 30, 2009, and BPBP and the CANC will be investing in this field, the Iraqi oil minister said Tuesday.
Hussein al-Shahrestani said that the production level of this contract is 2.85 million bpd, and that BPBP will produce 300,000 bpd, while the rest will be produced by CANC.
The Rumaila oilfield embraces around 15 percent of Iraq's oil resources
© Aswat Aliraq 2009
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