Reuters: BP's deal with Iraq will be based on profit-sharing model, 21 AUGUST

 Reuters: BP's deal with Iraq will be based on profit-sharing model

 An agreement with BP to develop oil and gas fields in Kirkuk will be based on a profit-sharing model, and a final deal is expected by the end of this year, two oil ministry officials told Reuters.

Iraq and BP signed a preliminary agreement this month to develop four oil and gas fields in the Kirkuk region of northern Iraq, an area where BP estimates about nine billion barrels of oil could be extracted.

The two officials said the ministry and BP, which is returning to the region after an absence of about five years, are expected to sign an agreement, the terms of which will not be disclosed, this week under which Iraq will hand over a data package for the four Kirkuk fields and their facilities.

The two officials spoke on condition of anonymity because they were not authorized to speak to the press.

BP has not yet responded to a request for comment.

BP withdrew from the area in late 2019 after a service contract signed in 2013 expired without reaching an agreement to expand the field.  link