BP to Cut Iraq Drilling by More Than Half

摘要

BP will cut the number of wells it drills at Iraq’s giant Rumaila field by more than half this year, as part of its plan to slash global capital spending by around 25%, Middle East Regional President Michael Townshend tells Energy Intelligence. But the UK-based major expects to shut in only relatively small volumes at Rumaila, thanks to its ultra-low-cost production. Rumaila produces around 1.5 million barrels per day, making it the world’s second-largest oil field by output.