By John Lee.
Oil major BP has signed a preliminary letter of technical alignment with H.E. Hayan Abdul Ghani, Iraq's Deputy Prime Minister for Energy Affairs and Minister of Oil.
This agreement represents a key step in negotiations for the integrated oil and gas redevelopment of several fields in the Kirkuk region, located in northern Iraq.
This initiative builds on the memorandum of understanding (MoU) signed earlier this year between bp and the Iraqi government. The MoU outlined a framework to explore opportunities for a material integrated oil and gas redevelopment program in Kirkuk, with the potential for further investment in exploration.
BP Executive Vice-President William Lin said:
"This was an important step towards a fully termed contract. We are grateful to the Iraqi government for its continued support of bp's activities in the country as well as the dedicated engagement to progress negotiations on the potential future development of these critically important fields in and around Kirkuk. "
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