[size=11]Publication date: 08.24.2021 | 20:31 GMT |
Last update: 25.08.2021 | 07:28 GMT |[You must be registered and logged in to see this link.] [/size]
Iraq has approved BP's plan to separate its operations in Iraq, as the British oil giant looks to shift focus on low-carbon investments.
The new company, "Basra Energy Limited", will own BP's stake in the giant Rumaila oil field in Iraq, and will be in partnership with the China National Petroleum Corporation, which is one of the British company's partners in the site.
BP confirmed in a statement that the new joint venture in Iraq, which it said would allow it and PetroChina to continue investing in the oil field for the duration of the current contract, which ends in 2034, indicated that the joint venture would allow the partners to obtain "external financing."
The Rumaila oil field was discovered in 1953 and produces the largest proportion of Iraq's total production. Production began in the field in 2010 and has a capacity of about 2.1 million barrels per day. About 1.5 million barrels per day were produced in 2020.
Separating oil and gas assets is a way for BP to shift toward renewable energy. BP and Eni began talks in May to merge Angola's oil and gas operations to form one of Africa's largest energy companies.
[You must be registered and logged in to see this link.]