The Iraq cabinet has announced its approval for two major energy contracts for its Rumaila oilfield project worth around $960.8m, Reuters has reported. The first deal, worth $535.8m, was signed with British oil service firm Petrofac to provide projects management services for the supergiant Rumaila, which pumps more than a third of Iraq’s total output of over three million barrels per day (bpd). China Petroleum Engineering & Construction Corp (CPECC) also won a $425m service contract to handle engineering, procurement, construction and commissioning work for a power station at Rumaila. The oilfield, the workhorse of Iraq’s oil industry with 17 billion barrels in reserves, is being developed by British oil major BP and Chinese partner CNPC.
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