(MENAFN) Iraq and BP are moving towards a final agreement to develop oil and gas fields in the Kirkuk region, with the deal expected to be completed by the end of this year. According to two officials from the Iraqi oil ministry, the agreement will be structured around a profit-sharing model. This follows a preliminary accord signed earlier this month, which outlines BP's role in developing four oil and gas fields in northern Iraq, an area with an estimated extraction potential of approximately nine billion barrels of oil.

The officials, who requested anonymity due to their non-disclosure status, indicated that BP is making a return to Kirkuk after a five-year hiatus. The forthcoming deal will involve the transfer of a comprehensive data package concerning the Kirkuk fields and their associated infrastructure. Although the specific terms of the agreement remain undisclosed, this arrangement marks a significant step in Iraq's efforts to leverage its substantial oil reserves in collaboration with international partners. 

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