British Oil & Gas giant BP Plc will develop Iraq's Kirkuk oil and gas fields based on a profit-sharing model, Iraqi oil ministry officials have revealed
British Oil & Gas giant BP Plc NYSEBP will develop Iraq 's Kirkuk oil and gas fields based on a profit-sharing model, Iraq i oil ministry officials have revealed. The oil ministry and BP are expected to sign a confidentiality agreement in the current week, after which Iraq will hand over the data package for Kirkuk 's four fields and installations. According to the officials, Kirkuk oil fields are currently producing 245,000 barrels of crude per day.
However, Iraq finally agreed to a smaller 30% stake in the project, setting in motion a deal that could lure foreign investment back into the country. After years of instability, Iraq has been enjoying a period of relative stability, increasing the chances of foreign investors returning to the country. 'The government of Iraq confirmed the whole contract, no modification at all ... so that was for me more than good news,' Total Chief Executive Patrick Pouyanne has told Reuters.
Kirkuk Iraq Oil Gas Upstream Oil Production
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