BP has received final government approval for its contract to redevelop several major oil fields in Kirkuk, Iraq. (Source: Shutterstock)
BP has received final government approval for its contract to redevelop several major oil fields in Kirkuk, Iraq, according to a March 26 press release.
The contract is between North Oil Co. (NOC), North Gas Co. (NGC) and BP and includes the rehabilitation and redevelopment of the fields, spanning oil, gas, power and water assets.
The agreement is for an initial phase that includes oil and gas production of more than 3 Bboe and allows potential investment toward exploration, the release stated.
Redevelopment is set to take place in the Baba and Avanah domes of the Kirkuk oil field and three adjacent fields in Federal Iraq—Bai Hassan, Jambur and Khabbaz—all of which are currently operated by the NOC.
The wider resource opportunity across the contract and surrounding area is estimated to include up to 20 Bboe, BP said.
In preparation for initial stages of redevelopment, BP will work under the guidance of Iraq’s government to set up a new operator—an unincorporated organization comprising predominantly personnel from NOC and NGC and secondees from BP.
“BP has a decades-long history in Iraq, and we look forward to building on this as we embark on our next chapter of production in the country,” said Murray Auchincloss, BP CEO. “From signing a memorandum of understanding last year to now fully completing our agreement, we’re looking forward to getting to work. Together with our partners, we aim to deliver world-class operations, combining deep local knowledge with our expertise in managing giant fields and safely executing major projects.”
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