BP to finalise profit-sharing deal for Kirkuk fields

BP and Iraq are set to finalise a profit-sharing deal by year-end to develop Kirkuk’s oil and gas fields. The preliminary agreement, signed earlier this month, covers four fields in northern Iraq’s Kirkuk, estimated by BP to contain about 9 billion barrels of recoverable oil.

BP, returning after a nearly five-year hiatus, will sign a confidentiality agreement this week. Following this, Iraq will provide BP with data on the fields. BP did not immediately comment. BP had exited Kirkuk in late 2019 after its 2013 service contract expired without a renewal.

Attribution: Reuters

Subediting: M. S. Salama