• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days The United States produced more crude oil than any nation, at any time.
  • 8 days e-truck insanity
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 7 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 7 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 8 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 11 days Bankruptcy in the Industry
Gas Glut? Not for Long.

Gas Glut? Not for Long.

Low prices invariably stimulate stronger…

BP Quits Iraq’s Kirkuk Oilfield As Studies Disappoint

UK-based supemajor BP has withdrawn from the Kirkuk oilfield in northern Iraq after its field study contract expired, and no deal was signed for a potential expansion, likely because of discouraging study results, Reuters reported on Tuesday, quoting sources familiar with the issue and a senior source at the Iraqi company overseeing the operations.

BP had a contract to study the development potential of the Kirkuk oilfield which expired in December 2019.

BP’s presence in Iraq actually began in Kirkuk in the 1920s when the company that is now known as BP helped Iraq to locate, produce, and export oil from Baba Gurgur, which was the largest oil field in the world at the time.

BP provided technical assistance to Iraqi state-held North Oil Company to help it with the redevelopment of the Kirkuk field. Kirkuk is estimated to hold some 9 billion barrels of recoverable oil remaining, according to BP.

But after the contract expired at the end of last year, BP told Iraq that it was withdrawing its staff from the Kirkuk oilfield, Reuters’ sources said.

“It’s very obvious study results were not encouraging for BP to extend its operations,” a senior source at the North Oil Company told Reuters, adding that the study results were underwhelming for the Iraqi company, too.  

BP told Reuters that it had completed its service contract and delivered its recommendations to the Iraq company, declining to comment on personnel movements.

The pullout would be another blow to Iraq’s plans to increase production capacity and come as major oil corporations, such as Chevron, are pulling American staff out of Iraq amid the heightened tension between the United States and Iran in Iraq, and continued protests in OPEC’s second-largest producers.

ADVERTISEMENT

Just this weekend, escalating protests in Iraq led to a halt in production at the Al Ahdab oil field, which pumps some 70,000 bpd, while another field was at risk of shutting down as well.    

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News