Iraq: BP and PetroChina Set to Rake in Billions Developing Iraq's Super-Massive Rumaila Oil Field

Aug 17, 2018 | Callum Turcan, Seeking Alpha
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Located in 1953 by BP plc (NYSE:BP), back when BP was British Petroleum, the Rumaila oil field in Iraq is truly massive. It is expected to house 17.7 billion barrels of recoverable oil. As of 2016, the field had pumped out its 3 billionth barrel of crude oil. That means there is still an enormous amount of crude left to be recovered by the consortium developing the Rumaila oil field. In 2009, BP plc and PetroChina Corporation Limited (NYSE:PTR) won the sub-contractor petroleum production license to develop the field. The consortium is 38% owned by BP plc, 37% owned by PetroChina Corporation, and 25% owned by the State Oil Marketing Organization (part of Iraq’s national oil company). Let’s go over what the consortium has in store for the Rumaila field going forward.