Sunday, July 11, 2010
Iraq's Oil Minister Hussain Al Shahristani
BAGHDAD: Iraq's Oil Minister Hussain Al Shahristani yesterday said he sees no impact from the massive oil spill at a BP well in the Gulf of Mexico on Iraq's current or future projects to develop its giant oilfields.
BP has promised to pay damages to those hurt by the worst oil spill in US history and has committed to a $20 billion fund for clean-up and other costs stemming from the spill.
Its costs to date have topped $3bn and the company's financial woes have triggered takeover speculation.
BP had said it would invest around $15bn to develop Iraq's largest oilfield at Rumaila, where BP and its partner, China's CNPC, plan to boost output to 2.85 million barrels per day from around 1.066m bpd.
"We don't see that the problem BP is facing would ever affect its work in Iraq, whether now or in the future," Al Shahristani said.
"We are totally comfortable with the performance of BP in developing Rumaila," he said. "The pace of work in Rumaila is continuing quickly and according to the plan we agreed on with the company."
On Wednesday, BP boss Tony Hayward met officials of an Abu Dhabi state investment fund, part of a quest for cash to ward off takeovers and help pay for the oil spill.
Al Shahristani also said Iraq's Oil Ministry is moving ahead with legal procedures to set up a joint venture, named Basra Gas Company, with Royal Dutch Shell and Japan's Mitsubishi to capture gas being flared at southern oilfields.
He said he could not comment on when the final contract for the multibillion-dollar deal would be signed after the cabinet approved it last month.
http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=282010
Iraq's Oil Minister Hussain Al Shahristani
BAGHDAD: Iraq's Oil Minister Hussain Al Shahristani yesterday said he sees no impact from the massive oil spill at a BP well in the Gulf of Mexico on Iraq's current or future projects to develop its giant oilfields.
BP has promised to pay damages to those hurt by the worst oil spill in US history and has committed to a $20 billion fund for clean-up and other costs stemming from the spill.
Its costs to date have topped $3bn and the company's financial woes have triggered takeover speculation.
BP had said it would invest around $15bn to develop Iraq's largest oilfield at Rumaila, where BP and its partner, China's CNPC, plan to boost output to 2.85 million barrels per day from around 1.066m bpd.
"We don't see that the problem BP is facing would ever affect its work in Iraq, whether now or in the future," Al Shahristani said.
"We are totally comfortable with the performance of BP in developing Rumaila," he said. "The pace of work in Rumaila is continuing quickly and according to the plan we agreed on with the company."
On Wednesday, BP boss Tony Hayward met officials of an Abu Dhabi state investment fund, part of a quest for cash to ward off takeovers and help pay for the oil spill.
Al Shahristani also said Iraq's Oil Ministry is moving ahead with legal procedures to set up a joint venture, named Basra Gas Company, with Royal Dutch Shell and Japan's Mitsubishi to capture gas being flared at southern oilfields.
He said he could not comment on when the final contract for the multibillion-dollar deal would be signed after the cabinet approved it last month.
http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=282010
