Oil Ministry announces a cooperative plan to develop Kirkuk fields with British Petroleum

INA-  Baghdad

The Ministry of Oil revealed, on Monday, a joint program with British Petroleum to develop Kirkuk oil fields, indicating that the current gas production amounts to about 3,200 million standard cubic feet per day.
 
The Undersecretary of the Ministry, Ali Maaraj, told the Iraqi News Agency (INA): "The ministry continues to implement its strategy aimed at developing oil fields, processing gas, and achieving self-sufficiency in petroleum derivatives by modernizing and establishing modern refineries."
 
He added, "There is a joint program with British Petroleum to develop and invest in oil fields in Kirkuk Governorate, as technical and contractual talks are currently underway to conclude a memorandum of understanding between the North Oil Company affiliated with the ministry and the British company."
 
He explained that "the profit-sharing contract is currently the most appropriate, as it achieves profits for both parties, and British Petroleum is moving in this direction," expressing his hope "to reach a final technical and contractual agreement soon."
 
Regarding gas production, he noted that "current production is about 3,200 million standard cubic feet per day, 60-65% of which is invested, while the remaining amount is burned." 
 
He pointed out that "it is planned to reach zero burning within five years, through the implementation of strategic projects to invest in associated gas," stressing that "these projects will continue in parallel with development, exploration and production operations to ensure maximum benefit from gas resources."