Rumaila oil field is now pumping 1.1 million barrels per day and reserves are estimated at around 17 billion barrels.
The BP-led group beat a bid from Exxon Mobil Corporation and Petroliam Nasional Berhad (Petronas) after improving their offer, a spokesman for the oil ministry said during Iraq’s first licensing round in Baghdad.
Iraq had given the two groups time to improve their bids to expand the Rumaila field after neither offer met the government’s minimum requirements.
