British Petroleum (BP) is currently in talks to invest in three new projects in Iraq, including the Majnoon oil field, according to sources. BP, a London-based multinational oil and gas company with a century of experience, already holds a 50 percent stake in the Rumaila oilfield in southern Iraq.
In August, it was announced that Iraq would split earnings with BP to boost oil and gas reserves in Kirkuk. The country is now offering narrow-margin development contracts to attract back foreign oil companies and increase production.
A Memorandum of Understanding (MoU) was signed by the Iraqi Minister of Oil and BP’s CEO, signaling a commitment to rehabilitating and developing oil fields in Kirkuk. The Iraqi government is focused on maximizing investments in the energy sector to enhance oil production, solar energy utilization, and gas development.
As part of the MoU, BP is also considering investments in power generation and solar facilities in the region. Iraq’s new approach to working with international oil companies shows a strategic shift to draw capital into the country’s hydrocarbon industry.
With these negotiations, BP’s potential investments in Iraq could help bolster the country’s energy sector and drive economic growth.