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Iraq and BP signed deal to develop Kirkuk oil fields

Iraq signed a MoU with BP.

Iraq and BP signed deal to develop Kirkuk oil fields

Iraq's oil ministry announced on January 18, 2018, that Iraq signed a memorandum of understanding with BP to boost production capacity from its northern Kirkuk oilfields.

The signing ceremony at the headquarter of North Oil Company, was attended by Iraqi Oil Minister Jabar al-Luaibi and BP's CEO in Middle East, Michael Townshend.

According to the deal, BP «will conduct (seismic) surveys and prepare the required studies to develop the oilfields, and will increase Kirkuk's oil output to 750,000 barrels per day (bpd),» said Townshend.

BP signed a deal with Iraq in 2013 to help develop Kirkuk but the fall of Mosul and other areas to Isis in 2014 put a halt to the plans.

Bob Dudley, BP’s CEO told in October 2017 that «there would be a lot to do» to develop the Kirkuk fields. «We know Kirkuk well going back to the early days. We were doing technical advisory work there until 2015,» he said. «If stability comes back and it’s predictable that’s a very different environment... We’re not going to rule anything out.»

To read the news in Russian.

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