Oil & Gas BP to invest up to $25bn to redevelop Iraqi oilfields By Pramod Kumar February 5, 2025, 10:15 AM Reuters/Essam Al-Sudani BP will work to increase crude production from Iraq's Kirkuk oilfields by 150,000 bpd to 450,000 bpd within three years BP may invest up to $25 billion to redevelop four Kirkuk oil and gas fields in Iraq, according to a media report. The British oil major is likely to commit between $20 billion and $25 billion in a profit-sharing pact that will last more than 25 years, Reuters reported, quoting an unnamed senior Iraqi oil official. Technical and economic discussions are progressing well, with final contracts expected to be signed in the first half of February and even by the end of this week, the official said. The deal will involve BP working to increase crude production capacity from the four oilfields by 150,000 barrels per day (bpd) to 450,000 bpd within the next two to three years, the report said. Iraq is the second-largest oil producer in Opec after Saudi Arabia. In December 2024 BP finalised the technical terms with the Iraqi government for redeveloping the Kirkuk oil and gas fields. Iraq’s compensation plan will aid Kurdish oil exports Much-delayed Kirkuk refinery deal signed by Iraq Neighbours to supply Iraq with 3GW of electricity this summer Last August, the company signed an agreement with Iraq to develop and explore the Kirkuk oilfield, including plans to build power plants and solar capacity. The deal follows a $27 billion deal struck between France’s TotalEnergies and Iraq in July 2023 to develop four projects in southern Iraq to increase the country’s capacity to produce oil, gas, and energy from renewables. BP was a consortium member that discovered oil in Kirkuk in the 1920s, with close to nine billion barrels of recoverable oil, Reuters reported. Additionally, BP has held a 50 percent stake in a joint venture operating the Rumaila oilfield in southern Iraq for almost a century.