China National Petroleum Corporation and BP have finalized and signed a deal to develop the southern Iraqi oil field of Rumalia, the Wall Street Journal reported. The deal was signed by representatives of BP, CNPC and the Iraqi government on Tuesday in Baghdad. The BP-CNPC consortium will invest US$15 billion dollars to increase production from one million barrels a day to 2.85 million. BP will hold a 38% stake in the venture, while CNPC will own 37%. Iraq will hold the remaining 25%.The state-owned company and BP won the bidding to develop the fields after other major oil companies dropped out, citing unfair payment terms offered by Iraq.The deal is CNPC’s second major deal in Iraq, after the company won a US$3 billion deal for the Ahdeb field in Wasit Province last year. A CNPC led consortium is also one of three bidders for another major oil field in the south-east of the country.