CNPC, BP Sign Oil Deal to Develop Iraq Field - WSJ.com - 0 views
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British oil major BP PLC and China National Petroleum Corp., or CNPC, signed an initial agreement with Iraq to develop Rumaila, Iraq's largest producing oil field, paving the way for a final deal calling for investment estimated at as much as $15 billion, an Iraq ministry spokesman said.
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payment terms, BP and CNPC cut their remuneration fee to $2 a barrel and won Rumaila. Seven other oil and natural-gas fields weren't awarded because international companies turned down the ministry's terms on payments.