BP and PetroChina formed a joint venture.

BP, a British oil and gas company, and PetroChina, a Chinese oil and gas company, formed a joint venture. Financial terms were not disclosed. BP won the right to develop Rumaila in 2010, and the new joint venture is expected to operate until the contract is due to expire in 2034. The field is one of world’s biggest, pumping 1.4 million barrels a day in 2020.