CNPC and BP Alliance Win Contract in Iraq's Rumaila Oilfield    

On June 30th, a consortium of China National Petroleum Corporation (CNPC) and BP were awarded a tender in the first round of the international bidding for Iraq's oil & gas fields.
   The two bidders jointly won a service contract to develop Iraq's Rumaila oilfield, located in Basra province, southeastern Iraq.
   According to the rules of the Iraqi government, all contracts awarded in this bidding are technical service contracts, with a valid period of 20 years and a possible five year extension after.
   The field is currently producing 1.1 million barrels of oil a day and is estimated to have reserves of around 17 billion barrels. The companies had bid to increase output in Rumaila to 2.8 million barrels a day.
   The move indicates that CNPC is speeding up its international expansion strategy toward the global leading energy company.