BP in the 1950s helped discover the Rumaila oil field. As of last year, BP had 20 rigs mobilized in the prospect. The company, along with the China National Petroleum Corp. offered to raise production at Rumaila to 2.85 million barrels per day within seven years.
In a move to retool the terms, BP is said to be scaling back ambitions at the southern oil field to around 2 million bpd, reports The Daily Telegraph newspaper in London. The newspaper says early targets were seen as optimistic.
"We aim to discuss and agree a full field development plan for Rumaila in 2013," a representative of was quoted as saying. "Any discussions we have with the government are commercially confidential."
BP Chief Executive Officer Bob Dudley told an oil and natural gas conference in the United Arab Emirates last month that Rumaila was a good example of ways in which international oil companies, national oil companies and governments could work together.
"This is now the third largest field in the world but we want to make it No. 2," Dudley said.