BP and the Iraqi government have reached a preliminary agreement on the technical terms for the redevelopment of oil and gas fields in Kirkuk, which hold billions of barrels of recoverable oil. Negotiations are expected to be finalized by early next year. The project involves rehabilitating existing facilities, constructing new ones, including gas expansion projects, and drilling. This aims to stabilize production and reverse decline in one of Iraq's most important oilfields.
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.
OIL PRODUCTION IRAQ BP KIRKUK ENERGY DEVELOPMENT
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