Mission accomplished! BP, CNPC Pay $500 Mln Signing Fee For Iraq Oilfield
BP and Chinese partner CNPC have paid a $500 million (306 million pounds) signature bonus due on the contract they won to develop Iraq's supergiant Rumaila oilfield, a senior Iraqi oil sector official said. The Iraqi Oil Ministry and the BP-led consortium also agreed to set the baseline production level at Iraq's biggest oilfield at 1.066 million barrels per day, Dhiya Jaafar, current head of the South Oil Co, told Reuters in the southern oil hub of Basra.