Iraq signs BP deal for Kirkuk oilfield development: ministry

Iraq’s oil output is expected to reach five million barrels per day by end-2017 (Reuters)

Baghdad ( Iraq intends to sign a contract with British Petroleum for the development of oil fields at Kirkuk province, the oil ministry said on Friday.

Ministry spokesperson Assem Jihad was quoted by Alsumaria News saying that “Oil Minister Jabbar al-Luaibi will attend tomorrow, Saturday, a signature ceremony for the development of Kirkuk oil fields by the North Oil Company and BP”.

According to Jihad, “the purpose of that contract is the development of Kirkuk province fields and laying down the required plans to boost their productivity”.

He explained that the British company will conduct required surveys and assessments of the technical issues with the province’s oil fields, pipelines and wells.

Iraq exported 100 million barrels of oil in April, a daily rate of 3.3 million barrels, the ministry had declared. Those yielded revenues worth USD6.474 billion, according to the ministry.

Production from Kirkuk province halted in October following a crisis between the Iraqi government and the Kurdistan Region authorities after the region voted for independence from Iraq in September, a step Baghdad deemed unconstitutional. Iraqi forces took over the province’s oil facilities in October as a response.

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