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FINANCIAL NEWS
BP: Iraq oilfield works on track
22 Sep 2010
(MENAFN) British oil major BP said that there is 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, Reuters reported
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.
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.
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