By John Lee.
Iraq's Prime Minister, Mohammed S. Al-Sudani, oversaw the signing of a major agreement between the Iraqi Ministry of Oil and BP for the development and production of four key oil fields in Kirkuk. The contract covers the Kirkuk field (Baba and Avana domes), Bai Hassan, Jambur, and Khabbaz.
The signing ceremony on Wednesday was attended by Oil Minister Hayan Abdul Ghani and BP's Chief Executive Officer, Murray Auchincloss.
The agreement includes a comprehensive rehabilitation plan aimed at increasing crude oil production to 420,000 barrels per day and utilizing associated gas through the North Gas Company (NGC) to produce 400 million standard cubic feet per day. Additionally, a 400-megawatt power plant will be constructed to support Iraq's electricity needs.
This initiative is expected to curb gas flaring, improve energy sustainability, and create job opportunities in the energy sector.
(Source: PMO)
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