BP-Iraq Agreement to Take Effect in February, Says BP President
He revealed that under this agreement, BP aims to increase Kirkuk’s oil output from 300,000 barrels per day to one million.
Jan, 29, 2025
ERBIL (Kurdistan 24) – Zaid Elyaseri, President of BP Iraq, announced on Tuesday that the agreement between BP and Iraq’s Ministry of Oil to invest in Kirkuk’s oil fields will take effect at the beginning of February.
“With the Iraqi Ministry of Oil, we signed a Memorandum of Understanding (MoU) to develop Kirkuk’s oil fields and boost production,” Elyaseri told Kurdistan 24.
He revealed that under this agreement, BP aims to increase Kirkuk’s oil output from 300,000 barrels per day to one million.
Elyaseri added that the deal includes the development of four key oil fields: Havana, Bay Hasan, Jambour, and Khabaza.
The agreement was signed on Jan. 14, 2025, in London by BP and Iraqi Prime Minister Mohammed Shia al-Sudani.
It includes a production-sharing clause, permitting BP to receive a portion of production revenue, as well as monetary compensation.
Kurdistan Region Prime Minister Masrour Barzani strongly criticized Baghdad’s unilateral deal with BP over Kirkuk, a disputed territory between Erbil and Baghdad.
Speaking to Reuters during the World Economic Forum (WEF) in Davos, Barzani described the agreement as “unconstitutional.”
Read More: PM Barzani criticizes Baghdad-BP oil deal as 'unconstitutional', calls for coordination
