BP says Rumaila project on track
Baghdad, September 21, 2010
British oil major BP sees no effect on its work on Iraq's biggest oilfield from a political impasse that has delayed the formation of Iraq's new government for more than six months, a BP executive said.
BP is moving ahead with developing the supergiant Rumaila oilfield and could award new contracts for work in the field later in the year, BP Iraq's President Michael Townshend told Reuters.
'We have not seen any delays in contracts that caused us to reduce or stop our work,' he said.
Iraq held a general election in March that produced no outright winner and as yet no new government.
Most of the work in the field does not need approval by Iraq's cabinet, said Townshend, shrugging off concerns that the lack of a new government and of a functioning parliament in Baghdad is holding up tenders.
Contracts worth more than $20 million is reviewed by the Rumaila joint management committee (JMC), and contracts of more than $100 million are reviewed 'with a time limit' by state-run South Oil Company, he said.-Reuters