bp to Redevelop, Rehabilitate Kirkuk Oil Fields in Iraq
The contract’s wider resource opportunity across Kirkuk and the surrounding area is projected to include up to 20 billion barrels of oil equivalent.
bp and the Republic of Iraq agreed to invest in, rehabilitate, and redevelop several large-scale oil fields in Kirkuk, focusing on oil and gas, power generation, and water, with an additional investment option for exploration. Under the agreement, bp will partner with North Oil Co. (NOC), North Gas Co. (NGC), and an unincorporated operator to establish a drilling program, rehabilitate existing wells and facilities, and build new infrastructure and gas expansion projects. The project is expected to begin in 2025.
“This agreement builds on our longstanding and strategic relationship with the Government of Iraq and delivers access to a material new resource opportunity within a prolific hydrocarbon province,” said William Lin, Executive Vice President, bp. “It will enable us to bring our experience of managing giant fields to realize the potential of this asset for Iraq, working alongside and in close partnership with NOC and NGC.”
Project Specifics & Benefits
The initial-phase agreement covers the oil and gas production of over 3 billion barrels of oil equivalent across several domes and fields, including the:
- Baba dome (Kirkuk oil field)
- Avanah dome (Kirkuk oil field)
- Bai Hassan field
- Jambur field
- Khabbaz field
The NOC currently operates these assets, but the contract’s wider resource opportunity across Kirkuk and the surrounding area is projected to include up to 20 billion barrels of oil equivalent. Project investment may bring opportunity and economic growth into the Kirkuk region, improving supply chain capability and spurring job creation.
New Operator
Upon endorsement by Iraq’s Council of Ministers, project execution may begin and bp will establish the new operator. The unincorporated organization will be primarily comprised of personnel from NOC and NGC, including some secondees from bp. It will replace NOC as the Kirkuk operator, with bp forming a standalone joint venture to maintain interests in the new organization.
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