BP executives held extensive meetings with their Iraqi counterparts this week to finalize terms for the UK major’s re-development of the aging Kirkuk oilfield in the north of the country. Oil minister Hayan Abdulghani stated on 9 January that “negotiations are ongoing with the firm [BP] to finalize technical, economic and contractual aspects of the project.” The meetings involved officials from Kirkuk’s operator, state-owned North Oil Company, and the ministry’s Petroleum Contracts and Licensing Directorate in addition to the Reservoirs and Field Development Directorate.
BP previously said it aimed to wrap up talks by early 2025 and in late December the two parties reached an important milestone by agreeing technical terms which the major said was “an important step toward a fully termed contract” (MEES, 20 December 2024). Current talks appear more focused on technical requirements for development than fiscal terms. (CONTINUED - 310 WORDS)