(Bloomberg) – BP and the Iraqi authorities agreed nearly all of business phrases towards reviving the Kirkuk oil discipline on Tuesday, additional progress towards a last settlement that’s anticipated early this 12 months.
BP’s board chairman, Helge Lund, and Iraq Prime Minister Mohammed Shia Al-Sudani had been amongst these in attendance at Tuesday night’s assembly in London, the place the 2 sides signed nearly all of business phrases, BP mentioned Wednesday.
“The groups will now work to outline the remaining element, forward of a fully-termed settlement” in 2025, a BP spokesperson mentioned in an announcement.
BP is scheduled to supply a company-wide technique replace in February, the place its Iraq plans are anticipated to be key to the corporate’s upstream future. Kirkuk is estimated to have round 9 billion barrels of recoverable oil remaining.
BP is without doubt one of the greatest overseas firms in Iraq, with a presence courting again a century. The British firm, whose forbears helped uncover Kirkuk within the Twenties, produces oil from the Rumaila discipline.
