BP On Defensive Over Rumaila Returns

摘要

BP Chief Executive Tony Hayward has had to defend the UK supermajor from charges of seeking an unreasonably high rate of return in its initial bid for the Rumaila field in Iraq's first postwar licensing round earlier this year. Speaking at the 30th annual Oil & Money conference in London, Hayward was challenged by former Iraqi oil minister Issam al-Chalabi over the $3.99 per barrel fee for raising Rumaila's output that BP and its partner, state China National Petroleum Corp. (CNPC), had originally bid in June (IOD Jul.1,p1).