Highlights BP, PetroChina to be JV partners in Basra Energy Company Rumaila produces around 1.5 million b/d BP wants to slash output and lower its carbon emissions Iraq has approved plans to create a new company to finance the giant Rumaila oil field operated by BP, the oil minister said Aug. 24, as the UK major seeks to limit its exposure to high carbon intensity energy assets. Receive daily email alerts, subscriber notes & personalize your experience. Register Now “The Council of Ministers approved the establishment of Basra Energy Company to be the financing entity for the development of the giant Rumaila field, and it will become one of the most important pillars of the energy transition, and an important element of sustainable development in Iraq,” Ihsan Ismaael said. Basra Energy Company Ltd. (BECL) will be wholly owned by BP and PetroChina, the company told S&P Global Platts Aug. […]