• 4 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 7 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 8 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 11 hours Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 15 mins Visualizing How Much Oil Is In An Electric Vehicle (Hint: a heckuva lot)
  • 1 hour Look at the LONGER TERM bigger picture of international oil & gas. Ignore temporary hiccups.
  • 4 mins Theresa May to Step Down
  • 11 hours Total nonsense in climate debate
  • 12 hours IRAN makes threats, rattles sabre . . . . U.S. makes threats, rattles sabre . . . . IRAQ steps up and plays the mediator. THIS ALLOWS BOTH SIDES TO "SAVE FACE". Then serious negotiations start.
  • 14 hours Will Canada drop Liberals, vote in Conservatives?
  • 1 day IMO 2020 could create fierce competition for scarce water resources
  • 15 hours Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
  • 15 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 7 hours Australian Voters Reject 'Climate Change' Politicians
  • 11 hours Apple Boycott in China
Headline Hysteria Suggests Tesla Reversal

Headline Hysteria Suggests Tesla Reversal

There’s been good reason to…

Iraq Asks BP To Redevelop Kirkuk Oil Fields

Iraq

Iraqi Oil Minister Jabbar Al-Luiebi has asked BP to develop the oil fields in oil-rich Kirkuk, just a day after Iraq’s government forces completed an operation to seize control of all oil fields that Iraqi state-held North Oil Company operates in Kirkuk.

Al-Luiebi has asked the UK supermajor '‘to quickly make plans to develop the Kirkuk oilfields,” Reuters quoted a statement by Iraq’s Oil Ministry as saying on Wednesday.

The ministry said in a separate statement that it would now proceed with development plans for the Kirkuk oil fields, and said it wanted to raise their production to more than 1 million bpd in “cooperation with one of the international companies.”

Al-Luiebi “sent a request today for BP to quickly come in to begin studies and restart measures to develop the oil fields in Kirkuk province,” an oil ministry spokesman told the Financial Times on Wednesday.

On the sidelines of the ongoing Oil & Money conference in London, BP’s chief executive of Upstream, Bernard Looney, told the FT:

“We’ve seen the reports overnight but we haven’t received any letter as of yet. When we do we’ll obviously sit down with the minister and talk to him but it’s too early to comment any further.”

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. In 2009, BP returned to Iraq to become the first international oil company to return to the country after 35 years. BP, PetroChina, and Basra Oil Company (BOC) are developing the Rumaila oil field, which BP says is the third-largest producing field in the world, estimated to have around 17 billion barrels of recoverable oil remaining.

BP has also 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.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News