BP poised to invest up to $25 billion in Iraq's Kirkuk oil fields

BP is set to invest up to $25 billion in developing four oil and gas fields in Kirkuk, Iraq, through a profit-sharing agreement extending over 25 years, according to a senior Iraqi oil official. This prospective agreement is seen as a significant achievement for Iraq, particularly after years of conflict and instability have deterred foreign investments. Should this deal be finalized, it will represent a pivotal moment for Iraq by revitalizing its oil production capabilities, elevating crude output from 300,000 barrels per day to 450,000 barrels per day in 2-3 years. BP's historical involvement in Kirkuk dates back to the 1920s, providing them with substantial knowledge of the field's potential. The deal is crucial for Iraq's domestic energy needs and follows another significant agreement with TotalEnergies in Basra valued at $27 billion. This renewed focus on the oil sector comes as Iraq seeks to regain control and optimize production in key oil-rich areas.