bp: agreement with Iraq for fields in Kirkuk

(CercleFinance.com) - bp announces that it has reached an agreement on all contractual terms with the Government of Iraq to invest in several giant oil fields in Kirkuk, providing for the rehabilitation and redevelopment of these fields.


Execution of the agreement will be subject to the approval of the Council of Ministers, after which bp will work to set up the new operator, which will include employees from North Oil Company (NOC), North Gas Company (NGC) and bp.

The agreement is for an initial phase and includes oil and gas production of over three billion barrels of oil equivalent. bp's remuneration will be linked to additional production volumes, prices and costs.


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