Rumaila Operating Organisation - ROO
The Rumaila oil field is a super-giant oil field located near Basra, Southern Iraq, approximately 20 mile (32 km) from the Kuwaiti border. The field is estimated to contain some 65 billion barrels of initial oil in place. Rumaila Operating Organisation - ROO is a consortium between the Iraqi state owned South Oil Company (SOC), BP and the China National Petroleum Corporation (CNPC). The consortium is led by BP (38 per cent) with partners CNPC (37 per cent) and the Iraq government's representative State Oil Marketing Organisation (SOMO - 25 per cent). All participants of the ROO consortium are paid a fixed fee on per barrel of incremental oil produced in the Rumaila field under a Producing Field Technical Service Contract (PFTSC) signed in 2009. The remit of ROO is to expand production from the Rumaila oil field. The ROO consortium is required to nearly triple production output from the field to some 2.5 million barrels of oil per day over the next 6 years. On completion of the project, Rumaila will become the second largest producing oil field in the world. Contributing to some 10% of the Middle East regions oil production, 7% of OPEC oil production and 3% of Global oil production.