BP commits to the development of four oil fields in Iraq

BP signs an agreement with Iraq to develop four oil and gas fields in the province of Kirkuk, with the aim of increasing energy production and diversifying resources.

Share:

Deputy Prime Minister for Energy Affairs and Minister of Oil, Mr. Hayyan Abdul Ghani, and BP's CEO, Mr. Murray Auchincloss

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

BP and the Iraqi government sign a memorandum of understanding for the rehabilitation and development of four oil and gas fields in Kirkuk.
The fields concerned are Kirkuk, Bai Hassan, Jambur and Khabbaz, all operated by the North Oil Company.
The agreement, signed by Iraqi Oil Minister Hayan Abdel-Ghani and BP CEO Murray Auchincloss, marks an important milestone in the collaboration between Iraq and BP.
This initiative is part of the Iraqi government’s efforts to maximize the exploitation of its energy resources and increase oil production.
The aim is to stimulate investment in gas and solar energy, thereby strengthening the country’s energy security and diversifying its sources of revenue.

BP and Iraq: a historic relationship

Present in Iraq since the 1920s, BP plays a crucial role in the country’s oil sector.
Currently, Iraq is the second largest exporter within the Organization of Petroleum Exporting Countries (OPEC), with daily production of four million barrels of crude and proven reserves of 145 billion barrels.
These resources will enable the country to maintain production for another 96 years, according to World Bank estimates.
Minister Abdel-Ghani recently expressed the hope of increasing Iraq’s oil reserves to over 160 billion barrels.
Oil accounts for 90% of Iraq’s revenue, but despite this wealth, the country remains dependent on imports to meet its domestic energy needs.

Diversification and energy independence

Iraq is seeking to reduce its dependence on gas imports from Iran, which are crucial to its electricity production.
Baghdad has begun importing electricity from Jordan and Turkey, and plans to connect to the power grids of Gulf countries in the coming months.
These measures are aimed at alleviating chronic power cuts, which are particularly frequent in summer.
The development of the Kirkuk oil and gas fields with BP could play a key role in this transition.
By increasing its gas production, Iraq hopes to strengthen its energy security and reduce its dependence on imports.

Prospects for Iraq’s energy future

The agreement with BP marks a turning point for Iraq in its quest for energy autonomy.
The development of the Kirkuk fields should not only boost oil and gas production, but also contribute to the country’s economic stabilization.
By focusing on diversifying and optimizing its resources, Iraq aims to overcome its energy challenges and consolidate its position on the world market.
This initiative could also pave the way for new investment opportunities and international collaboration in Iraq’s energy sector.
The success of this project will depend on the effective implementation of the agreements and the government’s ability to maintain a stable, business-friendly environment.

COOEC has signed a $4bn EPC contract with QatarEnergy to develop the offshore Bul Hanine oil field, marking the largest order ever secured by a Chinese company in the Gulf.
The group terminates commitments for the Odin and Hild rigs in Mexico, initially scheduled through November 2025 and March 2026, due to sanctions affecting an involved counterparty, while reaffirming compliance with applicable international frameworks.
Shell has filed an appeal against the cancellation of its environmental authorisation for Block 5/6/7 off the South African coast, aiming to continue exploration in a geologically strategic offshore zone.
The Greek government has selected a consortium led by Chevron to explore hydrocarbons in four maritime zones in the Ionian Sea and south of Crete, with geophysical surveys scheduled to begin in 2026.
Algerian company Sonatrach has resumed exploration activities in Libya's Ghadames Basin, halted since 2014, as part of a strategic revival of the country's oil sector.
The Indian refiner segments campaigns, strengthens documentary traceability and adjusts contracts to secure certified shipments to the European Union, while redirecting ineligible volumes to Africa and the Americas based on market conditions.
US authorities have authorised a unit at Talen Energy’s Wagner plant in Maryland to operate beyond regulatory limits until the end of 2025 to strengthen grid reliability.
Gran Tierra Energy has signed a crude oil sale agreement with a $200mn prepayment and amended its Colombian credit facility to improve financial flexibility.
Operations at BP’s 440,000 barrel-per-day Whiting refinery have resumed following a temporary shutdown caused by a power outage and a minor fire incident.
The European Union targets a trading subsidiary and a refinery linked to China National Petroleum Corporation, tightening access to financial and insurance services without disrupting pipeline deliveries, with reallocations expected in settlements, insurance, and logistics. —
Viktor Orban says he is working to bypass recent US sanctions targeting Rosneft and Lukoil, underscoring Hungary’s continued reliance on Russian hydrocarbons.
Traceability requirements from the EU (European Union) on fuel origin are reshaping Indian refined flows, with a shift toward Africa and Brazil supported by local premiums and a decline in Russian exports.
U.S. sanctions targeting Rosneft and Lukoil trigger a rebound in oil, while the European Union prepares a clampdown on liquefied natural gas and maritime logistics, with immediate repercussions for markets and Russia’s export chain.
Ten days before COP30, Brazil awarded five offshore oil blocks for over $19mn, confirming its deepwater development strategy despite environmental criticism.
Tripoli mise sur des partenariats avec des majors et jusqu’à 4 milliards $ d’investissements pour relancer sa production pétrolière, malgré un climat politique divisé.
Niger hardens its stance on energy sovereignty but avoids breaking with China National Petroleum Corporation, its main oil industry partner, in order to safeguard export revenues.
As Brent hovers near $60, growing opacity around OPEC’s output restrains a steeper decline in crude prices amid surplus warnings by the International Energy Agency.
Portuguese energy group Galp plans to finalise a strategic partnership for its offshore oil project Mopane in Namibia before the end of the year.
A traditional leader from the Niger Delta is seeking compensation before Shell’s onshore asset sale, citing decades of unaddressed pollution in his kingdom.
The Oxford Energy Institute study shows that signals from weekly positions and the Brent/WTI curve now favor contrarian strategies, in a market constrained by regulation and logistics affected by international sanctions. —

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.