Rumaila: Iraq’s greatest source of revenue
As a state-owned oilfield, this is Iraq’s oil. The oil produced by Rumaila goes direct to the state, to be sold on the international market, as well as used domestically.
Oil for Iraq
ROO has produced more than 4.5 bn barrels of oil in 10 years – providing the state of Iraq with around $350 billion of revenue.
In June 2010, Rumaila’s daily average oil production rate was 1.066 million barrels per day (bpd) and falling. Under ROO’s stewardship, Rumaila’s production by June 2020 stood at 1.47 million bpd and rising: an increase close to 40%.
This has been achieved in the face of what would otherwise be a steadily declining field, due to declining reservoir pressure and increased water cut (the ratio of water produced, compared to the volume of total liquids produced), coupled with recoverable oil proving harder to reach.
Under ROO management, production is at a 30 year-high. It has also produced above 1.2 million bpd for nine consecutive years for the first time in the field’s history.
ROO has produced over 4 bn barrels of oil in little over eight years – providing the state of Iraq with around $300billion of revenue
Working in times of austerity
Despite cuts forced by national austerity, Rumaila continues to progress, with daily production reaching consistently high levels not seen since the 1980s, as Rumaila benefits from the strong foundations put in place by the ROO partnership. And, after 10 years of working together as one team, the operation is able to make efficiencies where it matters and responsibly manage precious resources.