Bp Signs Agreement With Iraq On Development Of Oil & Gas Fields In Kirkuk
(MENAFN- AzerNews)
The British energy giant "British Petroleum" (bp) has signed a
Memorandum of Understanding with the Iraqi government on the
development of four oil and gas fields in the north of Kirkuk
province, Azernews reports, citing the "Al
Arabiya" TV channel.
The document was signed by Iraq's oil Minister Hayan Abdel Ghani
and bp's CEO Murray Aukinklos.
The memorandum includes the recovery and development of four oil
fields owned by the Northern Oil Company of Iraq: Kirkuk, Bayi
Hassan, Jambur and Khabbaz.
The Iraqi Prime Minister's office said: "This initiative is part
of the government's efforts to optimally attract investment in
promising energy opportunities aimed at increasing oil production,
gas and solar energy investments."
Bp is one of the largest foreign investors in Iraq's oil sector.
Oil production in this country was carried out by Britain in the
1920s.
According to the World Bank, Iraq has 145 billion barrels of
proven oil reserves, one of the largest in the world, providing 96
years of production at current rates. But Iraq aims to continue
field exploration to increase its crude reserves to more than 160
billion barrels.
Despite its large oil reserves, Baghdad hopes to increase
natural gas production to help reduce import dependence on
neighboring Iran, a key supplier for Iraq's electricity generation.
Prime Minister Sudani has repeatedly emphasized the importance of
diversifying energy sources in order to overcome the shortage of
electricity in Iraq, especially in the summer months.
In an effort to reduce dependence on Iranian gas, Baghdad has
begun importing electricity from Jordan and Turkey and hopes to
connect to the Gulf states' electricity grid later this year.
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