• 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
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 days Does Toyota Know Something That We Don’t?
  • 4 days America should go after China but it should be done in a wise way.
  • 10 days World could get rid of Putin and Russia but nobody is bold enough
  • 3 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 12 days China is using Chinese Names of Cities on their Border with Russia.
  • 4 hours The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 1 day Even Shell Agrees with Climate Change!
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 12 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 13 days Putin and Xi Bet on the Global South
Oil Rises Ahead of Weekly Inventory Data

Oil Rises Ahead of Weekly Inventory Data

Preview Text: Crude continues to…

Iraq Asks BP To Redevelop Kirkuk Oil Fields

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.

ADVERTISEMENT

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