bp has received final government ratification for its contract to invest in the redevelopment of several giant oil fields in Kirkuk, northern Iraq. The agreement, signed with Iraq’s North Oil Company (NOC) and North Gas Company (NGC), covers oil, gas, power, and water infrastructure, with potential exploration opportunities.
The final deal was formalized in Baghdad in the presence of Iraq’s Prime Minister H.E. Mohammed Shia’ Al Sudani, Deputy PM for Energy Affairs and Minister of Oil H.E. Hayan Abdul Ghani, bp CEO Murray Auchincloss, bp regional president for the Middle East and North Africa Nader Zaki, and bp Iraq president Zaid Elyaseri.
“bp has a decades-long history in Iraq, and we look forward to building on this as we embark on our next chapter of production in the country,” said Auchincloss. “This agreement is an enormous opportunity for bp to grow its oil and gas business while strengthening our upstream portfolio.”
With full approval secured, bp will work under government guidance to establish a new operating organization, primarily staffed by NOC and NGC personnel, along with bp secondees, to oversee the initial development phase.
The first stage of the project targets oil and gas production of over 3 billion barrels of oil equivalent, spanning the Baba and Avanah domes of the Kirkuk oil field and three adjacent fields—Bai Hassan, Jambur, and Khabbaz. The broader resource potential in the contract area is estimated at up to 20 billion barrels of oil equivalent.
