Basra Energy starts amid output push
The JV assumes the role of Rumaila’s main contractor as a new production target is set
The Iraqi government inaugurated the Basra Energy Company joint venture (JV) in late November, heralding a new era in the development of the country’s key Rumaila oilfield. Ostensibly, with BP and Petrochina remaining in situ as the two international partners on the asset, little has changed. However, with a revised plateau production target now in place and the IOCs doubling down on long-term commitments to increase output, the outlook for the Iraqi upstream continues to brighten. Basra Energy will take the place of the Rumaila Operating Organization as the main contractor, a move borne of efforts by BP to spin off its Iraqi operations into a new entity and part of a wider effort to reduce
Also in this section
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them
22 April 2024
Beijing’s renewed targeting of NOC management could threaten investment
19 April 2024
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis