BP 'close to deal' for Rumaila output cut

Moving target: output on Rumaila oilfield

REUTERS

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News Wires

 13 December 2012 15:56 GMT

BP is reported to be close to reaching a deal with Iraq to cut the final production target for the giant Rumaila oilfield to between 1.8 million and 2.2 million barrels per day.

Officials from the UK supermajor, Iraq's state-run South Oil Company and the country's Oil Ministry have been in talks for the past four months, studying BP proposals to lower the target of 2.85 million bpd, which they agreed to in 2009.

"BP has submitted three figures to lower Rumaila production. Iraq has initially accepted to cut output, and a final deal is expected by year-end," a senior South Oil official who is involved in the discussions was reported as saying by Reuters.

"BP's offer included cutting Rumaila production to 1.8 million barrels per…

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