• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 2 hours Biden suspends oil and gas drilling on Federal Lands for 60 days for review.
  • 7 mins China sends warplanes thru Taiwan airspace. Joe's reponse . . . .
  • 2 hours Joe Biden's Presidency
  • 2 mins SUVs are conquering the world
  • 1 hour Jim Rickards: Brace for a Great Escape from the Dollar and a Flood of Money into Gold and Bitcoin
  • 1 hour The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 2 hours BIG TECH or BIG BROTHER?? 1984 to Become Reality ??
  • 11 hours Minerals, Mining and Industrial Ecology
  • 3 hours GENERAL NORMAN SCHWARZKOPF: The Third Tour
  • 1 day Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 4 hours Biden's Green Energy Policy
  • 5 hours 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
  • 1 day Navalny Poisoning Weakens Russo German Relations
Will Biden Lift Sanctions On Venezuela?

Will Biden Lift Sanctions On Venezuela?

U.S. sanctions have made life…

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.

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