BP, Iraq Advance Redevelopment of Kirkuk Oil and Gas Fields
By Mitchell Ferman
December 19, 2024
(Bloomberg) -- BP Plc reached an agreement with the Iraqi government on technical terms to redevelop the prolific Kirkuk oil and gas fields, the company said Thursday.
“Today’s signing is an important step toward a fully termed contract,” BP Executive Vice President William Lin said in a statement.
“We are grateful to the Iraqi government for its continued support of BP’s activities in the country, particularly around Rumaila, and for the dedicated engagement to progress negotiations on the potential future development of these critically important fields in and around Kirkuk.”
Negotiations are expected to be complete early in 2025, BP said.
The British oil giant has a long history with the second-largest producer in the Organization of Petroleum Exporting Countries, which holds the world’s fifth-largest proved crude reserves. The company was part of the consortium that discovered oil in Kirkuk in the 1920s and now Kirkuk appears be key to BP’s upstream strategy under CEO Murray Auchincloss.
Thursday’s step by BP and Iraq follows a memorandum of understanding that the two sides signed in August to invest and explore in the region.
©2024 Bloomberg L.P.
(Bloomberg) -- BP Plc reached an agreement with the Iraqi government on technical terms to redevelop the prolific Kirkuk oil and gas fields, the company said Thursday.
“Today’s signing is an important step toward a fully termed contract,” BP Executive Vice President William Lin said in a statement.
“We are grateful to the Iraqi government for its continued support of BP’s activities in the country, particularly around Rumaila, and for the dedicated engagement to progress negotiations on the potential future development of these critically important fields in and around Kirkuk.”
Negotiations are expected to be complete early in 2025, BP said.
The British oil giant has a long history with the second-largest producer in the Organization of Petroleum Exporting Countries, which holds the world’s fifth-largest proved crude reserves. The company was part of the consortium that discovered oil in Kirkuk in the 1920s and now Kirkuk appears be key to BP’s upstream strategy under CEO Murray Auchincloss.
Thursday’s step by BP and Iraq follows a memorandum of understanding that the two sides signed in August to invest and explore in the region.
©2024 Bloomberg L.P.
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