(MENAFN- Iraq Business News) By John Lee.
The Iraqi Ministry of Oil has officially established the new Basra Energy Company (BEC) , which will be the main contractor at the giant Rumaila oilfield, under a Technical Service Contract (TSC).
Representing BEC at the ceremony, Zaid Elyaseri (BP) said the field will be developed to reach a peak production of 1.7 million barrels per day (bpd), up from the current level of approximately 1.45 million bpd.
Oil Minister Ihsan Abdul Jabbar added that, ' PetroChina and BP are the two shareholders with SOMO and Basra Oil Company (BOC) .' PetroChina is a subsidiary of the China National Petroleum Corporation (CNPC) .
(Source: Ministry of Oil)
The post Basra Energy Company established to run Rumaila Oilfield first appeared on Iraq Business News .
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