BP has agreed with Iraq to slash this year's budget expenditure on development work at the giant Rumaila oilfield to $2.5 billion after Baghdad told oil majors a slump in oil prices and its fight against Islamic State had made payments diffi
Operations at Iraq's biggest oilfield, Rumaila, have not been affected by sliding oil prices and the government's battle against Islamic State militants, a senior executive at developer BP said.
Unaoil, a company that provides a diverse range of oil and gas services, has opened its strategic operating base in North Rumaila to support its growing operations in Iraq.
The Unaoil North Rumaila Operating Base boasts an array o
The world's top oil service company Schlumberger Ltd is expected to resume operations at Iraq's biggest oilfield next week following violent protests at the company's camp, a senior Iraqi oil official said on Thursday.
Iraq has restored normal output from the southern oilfields on Sunday after completing repair work on a pipeline leak that reduced oil production, two oil officials said on Monday.
The leak in the ageing pipeline - buried three me
Oil pumping to Iraq's southern export terminals remained reduced due to a pipeline leak on Tuesday, according to shipping data, adding to the impact of planned work taking place.
The flow rate stood at 1.58 million barrels per
Cameron, a leading provider of flow equipment products, systems and services to the oil, gas and process industries, said it has won a supply contract worth $100 million from Rumaila Operating Organization (ROO) in Iraq.
The ROO is a joint
Iraq aims to boost oil exports by 200,000 barrels per day next month after it opens up a new Gulf outlet, a senior Iraqi oil official said, freeing Baghdad to export all the extra barrels foreign oil companies are extracting from its giant fields.
BP received a third payment for its investment in Iraq's supergiant Rumaila oilfield when a tanker loaded 2 million barrels of light crude at the southern oil hub of Basra on Tuesday, a shipping source said.
The vessel B Elephant start
Iraq's Rumaila South oilfield output has been restored to 460,000 barrels per day after pipeline bombings last week and normal production of about 650,000 bpd is expected to start today.
"Two production stations were restarted yesterday mo