PHOTO
Logo of British Petrol BP is seen e at petrol station in Pienkow, Poland, June 8, 2022. REUTERS/Kacper Pempel
Iraq’s cabinet has endorsed a contract with British Petroleum for the development of four oilfields in the Northern Kirkuk province.
The cabinet endorsed the deal at a meeting on Tuesday and asked the Oil Ministry and the Kirkuk-based North Oil Company (NOC) to formally sign the contract.
The official Iraqi news agency said the cabinet authorised NOC to finalise the deal so the “British company will start operations at those fields.”
In late February,Iraqi Oil Minister Hayan Abdel Ghani said the project would boost the four fields’ production by nearly 450,000 barrels per day.
News reports said BP is expected to invest nearly $25 billion in the project which covers the Baba and Avanah domes of the Kirkuk oil field, along with the Bai Hassan, Jambur and Khabbaz fields.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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