bp to develop four oil and gas fields in Iraq

British Petrolum (bp), a British energy giant, on Thursday entered into an agreement with Iraq to develop four oil and gas fields in the northern province of Kirkuk.

A memorandum of understanding was signed in a meeting between Iraqi Prime Minister Mohammed Shia' Al Sudani, Minister of Oil Abdul Ghani and bp chief executive Murray Auchincloss, News.Az reports citing the company’s statement.

The memorandum includes the rehabilitation and development of the four oilfields under the North Oil Company in Kirkuk: the Kirkuk oilfield, Bai Hassan, Jambur and Khabbaz oilfields.

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.

The integrated redevelopment programme has the potential to bring opportunity and investment into the Kirkuk region – unlocking future downstream growth while also bringing tangible benefits to the local population, with job creation and local supply requirements.

As part of today’s MoU, bp also proposes to explore opportunities for investment into power generation and the introduction of solar power facilities to the region.

Negotiations are expected to be complete early in 2025.

News.Az