A process to identify potential investors is under way, the report said, adding that the timing of any agreement remains uncertain and could extend into next year
International News via Reuters:
BP is looking for a partner to help boost output and share costs at Iraq’s Kirkuk oil field, one of the Middle East’s oldest, Bloomberg News reported on Thursday, citing people familiar with the matter.
A process to identify potential investors is under way, the report said, adding that the timing of any agreement remains uncertain and could extend into next year.
BP declined to comment.
BP signed a contract last year with Iraq’s North Oil Company to help redevelop the Kirkuk oil fields, with investment expected to reach up to $25 billion.
The company was part of the group of companies which discovered oil in Kirkuk during the 1920s. The area is estimated to hold about 9 billion barrels worth of recoverable crude oil.
BP has been refocusing on oil and gas in recent years after a failed five-year strategy focusing on clean energy and net zero.
Reporting by Yamini Kalia and Unnamalai L in Bengaluru; Editing by Shailesh Kuber
