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NOC and BP Sign Oilfield Development Contract

The contract has been signed in order to triple oil production output from Kirkuk oil fields

Oil Minister, Jabar al-Luabi announced the deal on Monday, which was signed in the southern City of Basra with the aim for BP to boost production output from 6 Kirkuk fields to 1 million barrels per day (bpd), which equates to around 3 times the current production rate.

This agreement follows the Iraqi Government re-claiming the fields from Kurdish rule back in October, following the KRG independence referendum.

According to BP, the fields in Kirkuk contain an estimated 9 billion barrels of recoverable oil. Iraq plans to export the additional crude from Kirkuk to Iran, as opposed to through Southern ports or through Turkey. 

Source: Reuters

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