BP in Iraq's 1st big post-invasion oil deal

BAGHDAD (Reuters) - Oil major BP Plc (BP.L) and China's CNPC on Tuesday signed Iraq's first major new oil deal since the 2003 U.S. invasion, snapping up a development contract for the Rumaila oilfield, one of the world's biggest.

The 20-year development contract for the southern oilfield is the first of several deals that Iraq expects to sign in the coming weeks and months as it tries to catapult itself to third place from 11th in the league of oil producing nations.

(Reporting by Ahmed Rasheed; Writing by Michael Christie)