BP (NYSE:BP) Increases Iraq's Rumaila Oil Field Production by 10 Percent

After what is being described as a "massive undertaking," BP (NYSE:BP) announced they've managed to increase the oil production at the Rumaila oil field in Iraq by 10 percent.

BP Chief Executive Officer Bob Dudley said in a statement, "Reaching this production milestone is a great achievement and underlines BP's success in building its presence in the region. Increasing production at Rumaila, the world's fourth largest oilfield, has been a massive undertaking."

BP and partner China National Petroleum Corp. have said they're willing to increase production at the field to 2.85 million bpd a day within seven years.

Part of the requirements for receiving an Iraqi contract were companies had to increase production by 10 percent within a period of three years, starting in 2009 when they took effect.