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BP gets green light from Iraq to redevelop Kirkuk oil fields, aiming for 3 billion barrels.
BP has secured approval from the Iraqi government to redevelop oil fields in Kirkuk, aiming to produce up to 3 billion barrels of oil equivalent.
The project, valued at up to $25 billion over 25 years, includes rehabilitating oil, gas, power, and water facilities.
BP will work with Iraq's North Oil Company and North Gas Company, with compensation linked to increased production.
The deal is significant for Iraq, which has seen oil production hindered by conflict and corruption.
The wider project area is estimated to hold up to 20 billion barrels of oil equivalent.
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BP obtiene luz verde de Irak para redesarrollar los campos petrolíferos de Kirkuk, apuntando a 3.000 millones de barriles.