BP chief executive Tony Hayward said: "We expect to invest around $US15 billion ($A16.57 billion). It's a very significant undertaking for BP. We are going to focus on building the capacity and capabilities in Iraq, in the Iraqi oil industry for the benefit of Iraq and the people of Iraq. We are looking forward for the beginning of long and mutual relationship" he said. Jiang Jemin, CEO of CNPC, said the three shareholders have "reached a common understanding on mutual efforts to reach the (targeted) level of production ahead of schedule". Full Article at The Age