BP, Shell and Lukoil Have Restarted Investment In Iraqi Oil Fields

Iraq, August 15, 2016

Baghdad has reached an agreement with foreign operators, BP, Lukoil, and Shell that will mean they will recommence work in Iraqi oil fields that will increase production in 2017 to 250,000-350,000 bpd.

The stipulations of the agreement are as follows: BP to spend $1.8 billion this year at Rumaila. It had initially planned to spend $3.5 billion last year, which it revised down to $2.5 billion; Shell to spend $742 million; it proposed $1.5 billion last year; and, Lukoil to spend $1.08 billion; it proposed $2.1 billion last year.

Iraq has yet to reach agreements with Exxon Mobil, CNPC and Petronas regarding investment in their respective fields.