According to the source, Output from BP’s Rumaila oilfield has hit the milestone three billion barrel mark.
The field is producing oil at its highest rate in 27 years; since BP joined the partnership to redevelop the field in 2010, output has increased by 40 percent.
In the past six years, the field has generated $200 billion for the Iraqi economy.
Bernard Looney (pictured), BP’s chief executive of Upstream, said: “Achieving 3 billion barrels of oil in less than seven years is a fantastic achievement … Despite this challenging environment the BP team, working shoulder-to-shoulder with our colleagues at PetroChina and SOC, safely delivered increased production and important oil revenues for Iraq.”
The Rumaila Operating Organisation (ROO) is comprised of BP, PetroChina and the state-owned South Oil Company (SOC).
The site’s producing wells have increased by 50 percent under ROO’s stewardship.