BP has pulled out of Iraq's giant Kirkuk oilfield after its $100 million ex...
) has pulled out of Iraq’s giant Kirkuk oilfield after its $100 million exploration contract expired with no agreement on the field’s expansion, dealing a fresh blow to Iraq’s hopes to increase its oil output, three sources told Reuters.
BP informed Iraqi authorities last month that it was pulling its staff out of the oilfield in the north of the country after its 2013 service contract expired at the end of 2019, the sources familiar with the matter said. BP confirmed it had completed the field work and studies and said it had handed its recommendations for the development of the field to the NOC.“In 2013, BP signed a letter of intent with the North Oil Company of the Iraq Ministry of Oil to support field activity studies in Kirkuk. As planned, in December 2019 BP completed field work, studies and recommendations,” it said.
But BP’s contract was put on hold in 2014 when the Iraqi army collapsed in the face of Islamic State’s sweeping advance in northern and western Iraq, allowing the Kurdish regional government to take control of the Kirkuk region.
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