Contract delays put BP’s Kirkuk future in limbo
After finishing a reservoir study, BP knows what it will take to revitalize Kirkuk's oil fields — but no development contract is imminent.
Iraqi Oil Minister Jabbar al-Luiebi (R) and BP President for Middle East Michael Townshend sign an amended Letter of Intent for studying North Oil Company fields, in Basra on May 7, 2018. (ESSAM AL-SUDANI/Reuters)
KIRKUK - Three weeks after BP completed an extensive study of oil reservoirs in Kirkuk, it remains unclear whether the super-major will move forward with a complex, long-term development contract.
For now, the state-run North Oil Company (NOC) is keeping full responsibility for maintaining just under 400,000 bpd of production throughout northern Iraq, as the Oil Ministry digests BP's recommendations for revitalizing an interconnected set of reservoirs and nearly doubling their output in the short term.
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