The Rumaila Operating Organization (ROO)—a partnership of South Oil Co. , BP PLC , PetroChina Co. Ltd. , and Iraq’s State Oil Marketing Organization (SOMO)—plans to increase production by 50% from Iraq’s giant Rumaila oil field to 2.1 million b/d by the end of the decade. The number represents an increase of 800,000 b/d from current production and will account for 3% of global oil production, according to BP’s Energy Outlook 2035. The agreement was made under a recently revised technical service contract signed by the partners and extended to 2034. Rumaila in September produced its 2 billionth bbl under the contract, which was initially signed in 2009. Of the estimated 70 billion bbl of oil initially in place, 14 billion bbl have been recovered. Assuming a conservative recovery factor of 40%, the partnership estimates there are 20 billion bbl still available for recovery. More […]