First Rumaila hurdle cleared, many remain

The Iraqi Oil Ministry, BP and Chinese National Petroleum Corp. have reached an agreement to develop the super-giant Rumaila oil field, Iraq’s biggest producer. But Thursday’s announcement was immediately followed but criticism from key members of Parliament who question the deal’s validity.

After nearly four months of negotiations which took teams from the companies multiple times to Basra – the province where the field is located and Iraq’s South Oil Company is headquartered – and Baghdad, there appears to be a breakthrough.