BP re-engages with Iraq to develop Kirkuk oil fields

BP has signed a preliminary agreement with the Iraqi government to develop the Kirkuk oil fields, marking its return after a five-year absence.
This agreement is part of a new contractual approach in which profits will be shared between the British company and the Iraqi state, in place of the traditional service contracts that had kept the oil majors away from the country.
This new strategy responds to Iraq’s desire to increase its oil production while making its contracts more attractive to foreign investors.
The agreement, which covers four oil and gas fields, including Kirkuk, aims to revitalize a key region for Iraq’s oil economy.