Iraq: BP Agrees to Cut Spending on Iraq's Rumaila Field after Oil Price Drop

May 18, 2015 | Rania El Gamal, Reuters
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BP has cut its development budget for Iraq's giant Rumaila oilfield by $1 billion this year after the government warned a slump in crude prices and its battle against Islamic State was making it difficult to pay oil companies. The British oil major has agreed with Baghdad to reduce its 2015 spending on the country's largest oilfield to $2.5 billion, from the initially planned $3.5 billion, an industry source familiar with the matter said on Monday.