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BP, partners to invest $1.7B to raise Rumaila oil field production 50% by 2020

The BP-led partnership developing Iraq’s giant Rumaila oilfield is set to invest $1.7B next year in a drive to increase production by 50% at the project to 2.1M bbl/day by the end of the decade.
The figure represents an increase of 800K bbl/day from current production and will account for 3% of global oil production, according to BP’s Energy Outlook 2035.
The agreement was made under a recently revised technical service contract that extended the partnership to 2034; Rumaila in September reached accumulated production of 2B bbl under the contract, which was initially signed in 2009.