Iraq agrees terms with BP, CNPC on oil deal
Baghdad, October 08: Iraq’s oil ministry said on Thursday it had agreed commercial terms for a key deal with Britain’s BP and China’s CNPC International to almost triple production at a giant southern oilfield.
Officials from Iraq’s state-owned South Oil Company and the two oil majors have put their initials to the deal, paving the way for final approval, ministry spokesman Assem Jihad said.
“The contract will be sent to the cabinet for approval, then a final date will be chosen to sign the contract during an official ceremony,” he said.