On Monday, the Ministry of Oil announced the signing of a significant contract with BP for the development of the four Kirkuk oil fields. This contract marks an important step toward boosting Iraq’s oil production capabilities and maximizing its oil and gas resources.
Hayan Abdul Ghani al-Sawad, the Deputy Prime Minister for Energy Affairs and Oil Minister, confirmed the development in a statement. He shared that the agreement, finalized with BP, covers several key fields, including Kirkuk, Afana, Baba, Bai Hassan, Khabbaz, and Jambur. These fields are managed by the North Oil and North Gas Companies, which will collaborate with BP for the rehabilitation and development work.
Minister al-Sawad emphasized the importance of this contract for Iraq’s energy sector. He noted that the development would positively impact the country’s financial resources, particularly by contributing to the federal budget. The contract is also expected to enhance national oil production while helping in gas exploitation to support Iraq’s electricity generation.
The minister expressed his satisfaction with the agreement, which comes after a period of suspension. The contract includes significant rehabilitation work for the four Kirkuk fields and the expansion of gas facilities at the North Gas Company.
This contract is seen as a major achievement for both the Ministry of Oil and BP, as it will contribute to increasing Iraq’s overall energy output. The signing was attended by key officials, including the Undersecretaries for Extraction, Gas, and Refining Affairs, along with directors from various oil and gas companies.
This agreement sets the stage for the growth of Iraq’s oil and gas production and strengthens its energy sector.