BP plans $25 billion investment in Iraq's Kirkuk oil fields

oilprice.com February 4, 2025, 09:00 PM UTC

BP plans to invest up to $25 billion in Iraq's Kirkuk oil and gas fields, marking a significant return after years of challenges. This investment follows a history of stalled negotiations and geopolitical issues in the region. The new deal includes a profit-sharing agreement that could last 25 years, allowing BP to recover costs before earning profits. This approach differs from previous contracts that offered lower margins for foreign companies. Iraq, holding the world's fifth-largest oil reserves, aims to boost production from 300,000 to 450,000 barrels per day. However, ongoing political instability and infrastructure issues pose risks to the investment's success.


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