Rumaila oil field

Rumaila Oil Field

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Rumaila oil field

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Description:
The Rumaila oil field is a giant oil field located in southern Iraq, approximately from the Kuwaiti border. The dispute between Iraq and Kuwait over allegedly slant-drilling in the field was one of reasons for Iraq's invasion of Kuwait in 1990.Thomas C. Hayes, , The New York Times, September 3, 1990 This field was discovered by British Petroleum (BP) in 1953. Under Saddam Hussein, it was nationalized by Iraq. Since then, this massive oil field remains under Iraqi control. Rumaila is considered the fourth largest field in the world.

The field is estimated to contain some 15% of Iraq's oil reserves.

Ownership

The field is owned by Iraq and subcontracted to BP and CNPC under Iraq Producing Field Technical Service Contract (PFTSC). BP is an operator of the project with 38% while CNPC and SOMO hold 37% and 25%, respectively. BP and CNPC will recover a renumerated fee of $2 per barrel in profits which will account to 15 to 20% rate of return on investment. Iraqi government and BP agreed to cut the initial bidding price per barrel from $3.99 to $2.00 in June 2009. ExxonMobil which also bid on servicing this field at a price $4.80 walked away due to price cutting terms by the Iraqi Government leaving BP and CNPC as winners of the...
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