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BP pulls out of Iraq's Kirkuk oilfield

BP pulls out of Iraq's Kirkuk oilfield
BP's study results were not encouraging enough for the company to extend its operations, Iraqi spokesperson says

By Ebru Sengul Cevrioglu and Ali Makram Ghareeb

ANKARA/KIRKUK (AA) - British energy giant BP has withdrawn from Iraq's Kirkuk oilfield following discouraging results and the Iraqi oil ministry's decision not to renew the company's field study contract, according to the ministry's spokesperson Asim Jihad on Thursday.

Speaking to Anadolu Agency, Jihad said that as BP's field development studies fell short of expectations and were not encouraging enough for BP to extend its operations, the field study and development contract were not renewed by the ministry.

BP and Iraq's oil ministry reached an agreement in 2013 to support field activity studies in Kirkuk where Iraq's North Oil Company (NOC) oversees.

However, the deal was unable to be implemented due to ongoing activities of Daesh/ISIS terrorist group in the country. In mid-2014, Daesh/ISIS overran roughly one-third of Iraq, including Mosul, which it took as its main stronghold.

By late 2017, the Iraqi army -- with the help of the U.S.-led military coalition -- recovered most if not all the territories lost to the terrorist group.

After Daesh's military presence in Iraq ended, the agreement was put into practice on Jan. 18, 2018.

Under the agreement, BP's aim was to study the fields and develop and raise daily production to as much as 750 thousand barrels per day.

source: News Feed
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