On its website China National Petroleum Corporation (CNPC) announced that the fourth meeting of the Steering Committee for Strategic Cooperation between CNPC and the BP Multinational oil-and-gas company was held on January 21 via videoconference, under the joint chairmanship of CNPC Board of Directors Chairman Dai Houliang and BP Chief Executive Officer Bernard Looney.
During the meeting, the parties heard reports on the implementation of joint projects and proposals for further cooperation, made by five joint working groups, including foreign investments in oil-and-gas industry, upstream (extraction, intra-field transportation and primary processing of hydrocarbons) in the PRC territory, sale of petroleum products, trade and more, and also gave guidance on various issues.
Earlier, mass media reported, that CNPC and BP are working together to develop the Rumaila oil deposit in southern Iraq, which is the second largest one in the world with an oil production capacity of 1.34 million barrels per day. The companies also intend to develop new joint projects in other regions of the world.