Iraq moves ahead with BP deal to revive Kirkuk oilfields

Iraq has enacted a contract with BP to redevelop oilfields in the northern Kirkuk region, with an initial production goal of approximately 328,000 barrels per day, according to the oil ministry. The deal, finalized earlier this year, brings BP together with Iraq’s North Oil Company and North Gas Company to modernize output at the Baba and Avana domes of the Kirkuk field and to boost production at the Jambour, Bai Hassan and Khabbaz sites. BP plans to invest as much as $25 billion over the course of the project. The investment is a key part of Baghdad’s strategy to expand crude production capacity above 6 million barrels per day by the end of the decade.