By John Lee.
British oil major BP aims to finalise an agreement to develop Iraq's Kirkuk oil field by February, CEO Murray Auchincloss (pictured) announced at the Energy Intelligence Forum.
The memorandum of understanding (MOU) signed in August with Iraq's Oil Minister covers redeveloping the 20-billion-barrel field and adjacent sites, including gas, solar, and exploration projects. Kirkuk currently produces 250,000 barrels per day.
Auchincloss emphasised Iraq's political stability and "very competitive terms", positioning the project as a strategic step in BP's upstream focus under his leadership since January. BP's existing operations in Iraq include the Rumaila field, contributing one-third of Iraq's oil output.
(Source: Energy Intelligence)
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