Iraq and BP make progress in the redevelopment agreement of the Kirkuk fields
Economy News – Baghdad
BP has reached an agreement with the government of Iraq on the technical conditions for the redevelopment of oil and gas fields in Kirkuk, the company announced on Thursday.
“Today’s signing is an important step towards a fixed-term contract,” BP’s vice president of executive William Lane said in a statement.
“We are grateful to the Government of Iraq for its continued support of BP activities in the country, particularly around Rumaila, and for its dedicated engagement in advancing negotiations on the possible future development of these critical fields in and around Kirkuk,” Lane added.
BP said it expected the negotiations to be completed in early 2025.
Iraq signed 13 contracts with the winning companies to develop oil and gas fields and exploratory patches, as part of the country’s efforts to increase oil production, according to the website of the Iraqi Ministry of Oil
The major British oil company has a long history with the second largest producer in the Organization of the Petroleum Exporting Countries, which has the fifth largest proven reserves of crude oil in the world. The company was part of the alliance that discovered oil in Kirkuk in the 1920s, and now appears that Kirkuk is the key to BP’s exploration and production strategy under CEO Murray Ochenklos.
Iraq and BP’s move on Thursday follows a memorandum of understanding signed by the two sides in August for investment and exploration in the region.
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