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BP all set To Boost the Oil Production in Middle Eastern countries

BP all set To Boost the Oil Production in Middle Eastern countries

In a recent announcement, one of the leading oil production company BP has stated that it will invest heavily in Middle Eastern oil and natural-gas fields going into 2021. Despite pledging its transition to renewable energy, the company has highlighted its interest in Middle East oil and gas. BP currently operates the world's third-largest oil field in Iraq, Rumalia, producing around 1.4 million barrels a day (BPD). It is also a significant producer in the United Arab Emirates and Oman.

The Middle East's low-cost oil appeal looks set to attract more significant investment from BP, looking to diversify its production. Stephen Willis, BP's senior vice president for the Middle East, stated the appeal of the region's world-leading operating cost, capital cost, and production efficiency performance as some of the main drivers.

BP hopes easing OPEC restrictions will allow for full-capacity production in Rumalia, pumping as much as 1.47 million BPD in June, aiming for a peak-production level of 2.1 million BPD. This target has not yet been given a time frame, but BP hopes to reach 1.7 million BPD within the next few years.


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