BP executives are promoting their return to Iraq’s giant Kirkuk oilfield as symbolic of its strategic reset back to hydrocarbons. One day before the firm’s eagerly anticipated 26 January capital markets update (MEES, 28 February), the London-based major announced it had “reached agreement on all contractual terms,” with the Iraqi government for what CEO Murray Auchincloss calls “one of the most important transactions BP has done in twenty years.”
Baghdad says the 25 February agreement is “the last step before signing a final contract.” BP says it remains “subject to final [Iraqi] government ratification,” but expects to begin work at Kirkuk later this year. (CONTINUED - 1397 WORDS)
