“Major achievement”: Iraq, BP ink deal to boost Kirkuk oil output
Shafaq News/ On Monday, the IraqiMinistry of Oil, represented by the North Oil Company (NOC) and the North GasCompany (NGC), signed a contract with British energy giant BP to develop theKirkuk oil fields.
In a statement, Deputy PrimeMinister for Energy Affairs and Oil Minister Hayyan Abdul-Ghani called thecontract signing for the development of NOC fields a “major achievement” forboth the ministry and the company, especially after a period of stagnation.
The development and rehabilitationefforts will boost national production, and increase gas investment andproduction to support electricity generation, he noted, emphasizing that"the ministry is focused on maximizing the state's oil and gas resources,which will positively impact the federal budget's financial resources.”
The contract reportedly includes therehabilitation and development of the four Kirkuk oil fields (the Baba andAvana domes, Bai Hassan, Jambur, and Khabbaz,) along with the rehabilitationand expansion of gas facilities at the NOC.
Last week, a delegation from BPvisited the North Oil Company’s headquarters to finalize steps forrehabilitating the four fields.
The Iraqi government, in February,signed an agreement with the British company to develop Kirkuk’s fields andensure “the optimal utilization of energy resources.”
