Major Redevelopment Aims to Boost Production and Economic Growth

BP is poised to invest up to $25 billion over 25 years to redevelop four oil and gas fields in Iraq’s Kirkuk region. This initiative is part of a profit-sharing agreement with the Iraqi government, aiming to increase crude production capacity by 150,000 barrels per day, reaching at least 450,000 barrels per day within the next two to three years. 

Strategic Importance of Kirkuk

Kirkuk’s oil fields, with estimated reserves of about 9 billion barrels, have been central to Iraq’s oil industry since their discovery in the 1920s. BP’s historical involvement in the region underscores the strategic significance of this investment. 

Enhancing Iraq’s Energy Sector

This prospective deal follows Iraq’s recent $27 billion agreement with TotalEnergies, reflecting the country’s efforts to attract foreign investment to revitalize its energy sector. The focus includes rehabilitating existing facilities and developing natural gas resources to meet domestic energy needs. 

BP’s planned investment in Kirkuk signifies a substantial commitment to bolstering Iraq’s oil production capabilities and economic development.

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