BAKU, Azerbaijan, March 27. Baghdad has granted final approval for bp’s contract to invest in the redevelopment of major oil fields in Kirkuk, northern Iraq, Trend reports.
The agreement, signed between bp, North Oil Company (NOC), and North Gas Company (NGC), covers oil, gas, power, and water infrastructure, with potential exploration opportunities.
The contract was finalized in a meeting attended by Iraq’s Prime Minister Mohammed Shia' Al Sudani, Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani, bp CEO Murray Auchincloss, bp Regional President for the Middle East and North Africa Nader Zaki, and bp President Iraq Zaid Elyaseri.
“This is an enormous opportunity as we grow bp’s oil and gas business,” Auchincloss said, emphasizing the company’s experience in managing large fields and executing major projects.
Under the agreement, bp will establish a new operator with personnel from NOC, NGC, and bp. The initial phase focuses on developing the Baba and Avanah domes of the Kirkuk field and three adjacent fields - Bai Hassan, Jambur, and Khabbaz - currently managed by NOC. The total resource potential across the project area is estimated at up to 20 billion barrels of oil equivalent.