(BP) signs early February contract to increase production at 4 northern fields

Economy
  • 23-01-2025, 19:22
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    Baghdad - INA

    Deputy Prime Minister and Minister of Oil Hayan Abdul Ghani confirmed today, Thursday, the intention to sign a contract with British Petroleum (BP) to invest in 4 northern fields to increase production and benefit from associated gas, while specifying the extent of the contract's impact on production plans.

    Abdul Ghani said in a statement to the Iraqi News Agency (INA): "In the British capital, London, an initial agreement was reached between the North Oil Company and British Petroleum to sign a contract to develop the four fields affiliated with the company," noting that "these fields now produce more than 300,000 barrels per day."

    He added that "the agreement with British Petroleum stipulates increasing production to more than 500,000 barrels per day and benefiting from associated gas and investing in it and converting it into dry gas for use in operating power plants."

    He explained that "the signing will be at the beginning of the first week of February."

    Abdul Ghani explained that "Iraq needs quantities of gas to equip the stations, and the Ministry of Oil is serious about that through many projects that it signed with specialized companies such as the French company Total to invest 600 million cubic feet of gas from 5 oil fields, in addition to the Akkas field and the Mansouriya field, and the fifth licensing round, in addition to what the Basra Gas Company is doing, which is a joint venture between the South Gas Company and Shell and Mitsubishi companies to develop and invest gas from three main fields: Rumaila, Zubair, and West Qurna 1."