BP Finalizes Agreement With Iraq to Revive Kirkuk Oil Fields

BP Plc finalized an agreement with the government of Iraq to redevelop the giant Kirkuk oil fields, a deal that signals a return to the company’s Middle Eastern roots and should help to bolster production from the OPEC member.

All contractual terms for the project have been agreed, although the accord remains subject to final governmental ratification, according to statements from BP and Iraq’s government on Tuesday. After years of neglect, BP will funnel additional investment into oil and gas production at the Baba and Avanah domes of the Kirkuk field, as well as the adjacent Bai Hassan, Jambur and Khabbaz fields.