TNT
Tishwash:
This is a big story over there today
“Major achievement”: Iraq, BP ink deal to boost Kirkuk oil output
On Monday, the Iraqi Ministry of Oil, represented by the North Oil Company (NOC) and the North Gas Company (NGC), signed a contract with British energy giant BP to develop the Kirkuk oil fields.
In a statement, Deputy Prime Minister for Energy Affairs and Oil Minister Hayyan Abdul-Ghani called the contract signing for the development of NOC fields a “major achievement” for both the ministry and the company, especially after a period of stagnation.
The development and rehabilitation efforts will boost national production, and increase gas investment and production to support electricity generation, he noted, emphasizing that “the ministry is focused on maximizing the state’s oil and gas resources, which will positively impact the federal budget’s financial resources.”
The contract reportedly includes the rehabilitation and development of the four Kirkuk oil fields (the Baba and Avana domes, Bai Hassan, Jambur, and Khabbaz,) along with the rehabilitation and expansion of gas facilities at the NOC.
Last week, a delegation from BP visited the North Oil Company’s headquarters to finalize steps for rehabilitating the four fields.
The Iraqi government, in February, signed an agreement with the British company to develop Kirkuk’s fields and ensure “the optimal utilization of energy resources.” link
Source: Dinar Recaps
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