Rumaila: a new partnership

The Technical Service Contract originally entered into between Basra Oil Company (BOC), bp, PetroChina and the Oil Marketing Company (SOMO) – and now between BOC, SOMO and Basra Energy Company – was initiated by the Ministry of Oil. 

Agreed in 2009 and extended in 2014, this 25-year contract (to 2034) has laid the foundation for the long-term renewal of the field. Details on the individual organizations can be found below.

Basra Oil Company

The Basra Oil Company (BOC) is responsible for the development and production of crude oil in Basra. Based in Basra, the company was formerly known as the South Oil Company (SOC) and has 25,000 employees with experience and skill sets across all aspects of oil exploration and production.

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Oil Marketing Company

Headquartered in Baghdad, SOMO is responsible for the marketing of Iraqi crude oil and oil derivatives.

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Basra Energy Company (BECL)

June 2022 saw the formation of BECL which formalised the partnership between bp and PetroChina as a new company, through which bp and PetroChina will own and manage their interests at Rumaila.

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