BP and Iraq have finalized the contract for the UK major to re-develop Iraq’s giant Kirkuk oilfield with Baghdad ratifying the deal on 26 March. BP CEO Murray Auchincloss says the deal opens “on our next chapter of production in the country.” BP already operates Iraq’s giant southern 1.45mn b/d-capacity Rumaila oilfield.
Under the deal, BP will oversee integrated redevelopment of Kirkuk’s Baba and Avanah domes, as well as the neighboring Bai Hassan, Jambur and Khabbaz oil fields. Official data from early 2024 show these assets producing at just under 300,000 b/d crude and 400mn cfd wellhead gas output of which around 300mn cfd was captured (MEES, 26 February). The plan is to increase production to 420,000 b/d, capture 400mn cfd gas and build a 400MW power plant. The initial phase covers reserves of more than 3bn barrels of oil equivalent, but BP says the “wider resource opportunity across the contract and surrounding area is believed to include up to 20bn barrels of oil equivalent.” (CONTINUED - 243 WORDS)