• 23 mins WTI At 7-Month High On Supply Optimism, Kurdistan Referendum
  • 7 hours Permian Still Holds 60-70 Billion Barrels Of Recoverable Oil
  • 12 hours Petrobras Creditors Agree To $6.22 Billion Debt Swap
  • 16 hours Cracks Emerge In OPEC-Russia Oil Output Cut Pact
  • 20 hours Iran Calls On OPEC To Sway Libya, Nigeria To Join Cut
  • 21 hours Chevron To Invest $4B In Permian Production
  • 23 hours U.S.-Backed Forces Retake Syrian Conoco Gas Plant From ISIS
  • 1 day Iraq Says Shell May Not Quit Majnoon Oilfield
  • 3 days Nigerian Oil Output Below 1.8 Million BPD Quota
  • 4 days Colorado Landfills Contain Radioactive Substances From Oil Sector
  • 4 days Phillips 66 Partners To Buy Phillips 66 Assets In $2.4B Deal
  • 4 days Japan Court Slams Tepco With Fukushima Damages Bill
  • 4 days Oil Spills From Pipeline After Syria Army Retakes Oil Field From ISIS
  • 4 days Total Joins Chevron In Gulf Of Mexico Development
  • 4 days Goldman Chief Urges Riyadh To Get Vision 2030 Going
  • 4 days OPEC Talks End Without Recommendation On Output Cut Extension
  • 4 days Jamaican Refinery Expansion Stalls Due To Venezuela’s Financial Woes
  • 4 days India In Talks to Acquire 20 Percent Of UAE Oilfield
  • 5 days The Real Cause Of Peak Gasoline Demand
  • 5 days Hundreds Of Vertical Oil Wells Damaged By Horizontal Fracking
  • 5 days Oil Exempt In Fresh Sanctions On North Korea
  • 5 days Sudan, South Sudan Sign Deal To Boost Oil Output
  • 5 days Peruvian Villagers Shut Down 50 Oil Wells In Protest
  • 5 days Bay Area Sues Big Oil For Billions
  • 5 days Lukoil Looks To Sell Italian Refinery As Crimea Sanctions Intensify
  • 5 days Kurdistan’s Biggest Source Of Oil Funds
  • 6 days Oil Prices On Track For Largest Q3 Gain Since 2004
  • 6 days Reliance Plans To Boost Capacity Of World’s Biggest Oil Refinery
  • 6 days Saudi Aramco May Unveil Financials In Early 2018
  • 6 days Has The EIA Been Overestimating Oil Production?
  • 6 days Taiwan Cuts Off Fossil Fuels To North Korea
  • 6 days Clash In Oil-Rich South Sudan Region Kills At Least 25
  • 6 days Lebanon Passes Oil Taxation Law Ahead Of First Licensing Auction
  • 7 days India’s Oil Majors To Lift Borrowing To Cover Dividends, Capex
  • 7 days Gulf Keystone Plans Further Oil Output Increase In Kurdistan
  • 7 days Venezuela’s Crisis Deepens As Hurricane Approaches
  • 7 days Tension Rises In Oil-Rich Kurdistan
  • 7 days Petrobras To Issue $2B New Bonds, Exchange Shorter-Term Debt
  • 7 days Kuwait Faces New Oil Leak Near Ras al-Zour
  • 8 days Sonatrach Aims To Reform Algiers Energy Laws
The Race For The “Holy Grail” Of Renewables

The Race For The “Holy Grail” Of Renewables

Energy storage is becoming an…

Oil Majors Brace For More Niger Delta Attacks

Oil Majors Brace For More Niger Delta Attacks

The upcoming Nigerian elections, alongside…

BP to Reduce Iraqi Production Target by more than One Million Barrels a Day

In order to ensure that oil reserves last longer, Baghdad has reduced its peak production targets, and has asked major oil producers in the country to help make these cuts. As a result BP is considering cutting its output target for the giant Rumaila oilfield by more than one million barrels a day.

“It is something the government has asked us to do,” said Bob Dudley, the Chief Executive of BP.

Iraq’s original production target of 12 million barrels a day by 2017 has been cut to a more realistic target of nine million barrels a day, and operators at southern oil fields such as the Rumaila are working to lower their production rates to comply. Even then many experts believe that nine million will be a difficult target to achieve due to the lack of infrastructure.

Related Article: Kurdistan: Our Pick for the Next Big Buy Out

According to Reuters, BP began discussing the possibility of reducing targets last year and in December sources said that BP was close to agreeing a deal to cut output at Rumaila to between 1.8 million and 2.2 million barrels a day.

The Iraqi oil ministry has already made agreements to lower production targets with Lukoil at West Qurna-2 and Eni at Zubair, and continues to negotiate with Royal Dutch Shell at Majnoon and Exxon at West Qurna-1.

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News