BP and the Iraqi government have agreed on key technical terms for a plan to redevelop oil and gas fields in Kirkuk. The deal, a step towards a full contract, aims to increase production and reverse the decline in these fields, which hold billions of barrels of recoverable oil.
BP and the federal government of Iraq have agreed on the key technical terms in the plan to redevelop the oil and gas fields in Kirkuk which still hold billions of barrels of recoverable oil remaining in place. BP and the Iraq i government signed a preliminary deal on the technical terms, which is a step forward to a fully termed contract, Bloomberg quoted BP Executive Vice President William Lin as saying in a statement on Thursday.
In a press release on the deal from August 2024, BP said it would involve “Rehabilitation of existing facilities, where required, and the construction of new facilities – including gas expansion projects – together with a drilling programme at the Kirkuk fields, has the potential to stabilize production and reverse decline, returning production from this nationally important oilfield to a growth path.” Iraq is the second-largest oil producer in OPEC and Kirkuk is where its oil industry was born.
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