Today, the Iraqi government signed a memorandum of understanding with the British energy company BP to develop four oil and gas fields in Kirkuk Governorate, north of the country.
The MoU was signed by Hayan Abdul-Ghani, Iraqi Minister of Oil, and Murray Auchincloss, BP CEO.
A statement issued by the Iraqi government stated that the memorandum includes the rehabilitation and development of the four oil fields of the North Oil Company in Kirkuk, including the Kirkuk oil field and the Bai Hassan, Jambur and Khabbaz oil fields.
The statement indicated that this memorandum comes within the framework of the government’s efforts to optimally invest in promising energy opportunities, with the aim of increasing and enhancing oil and gas production.
BP is one of the largest foreign players in the oil sector in Iraq, with oil production dating back to the 1920s.
According to the World Bank, Iraq has 145 billion barrels of proven oil reserves, among the largest in the world. But Iraq hopes its oil reserves will exceed 160 billion barrels, Abdul Ghani announced last May.
It also hopes to increase its natural gas production to help reduce its reliance on imports to meet its energy needs, to power its electricity.