BAGHDAD (Reuters) - Iraq's Oil Ministry said on Thursday it had signed a deal with Britain's BP and China's CNPC CNPET.UL to develop its super-giant Rumaila oilfield, a milestone in Iraq's efforts to renew its struggling oil sector.
http://uk.reuters.com/article/idUKTRE5972Y720091008
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While most oil firms at the auction balked at Iraq's stiff payment terms, BP and CNPC cut their proposed remuneration fee to $2 (1.24 pounds) per barrel and won the Rumaila contract.

BP holds a 38-percent stake in the venture, while CNPC has a 37-percent share. Iraq's State Oil Marketing Organisation controls the rest.

Rumaila is the workhorse of Iraq's oil industry today, with a current capacity of 1.1 million barrels per day (BPD), almost half Iraq's total output of 2.4 million bpd.

The field's reserves are estimated at 16.998 billion barrels.