Advertisement

BP in talks with Iraq Oil ministry over Kirkuk Oil Field

Oil and gas production giant BP has been in communication with Iraq's Ministry of Oil regarding the possibility of it potentially providing assistance in the country.

Oil and gas production giant BP has been in communication with Iraq's Ministry of Oil regarding the possibility of it potentially providing assistance in the country.

In a statement, Michael Townshend, the President of BP Iraq, said: "We have made a proposal for short-term assistance which the Ministry appears to like. We are progressing on that and it is early days".

Advertisement - Article continues below

The company declined to comment further on the nature of the proposal although a Dow Jones news report cited a senior Iraqi oil official suggesting that Iraq was considering a multi-billion dollar deal with BP to double the output from the country's giant Kirkuk oil field in northern Iraq.

Abdul Mahdy al-Ameedi, head of the Iraq oil ministry's petroleum contracts and licensing directorate, indicated that a request had been sent to the cabinet to approve contract negotiations with BP on developing the Kirkuk oil field which is reportedly suffering from massive output declines.

BP currently operates in southern Iraq, where it is developing the Rumaila oil field.

Ameedi was quoted as saying: "70% of provisions of the (possible) contract with BP to develop Kirkuk are ready".

ShareCast attempted to make contact with the Iraq Oil ministry but was unable to reach anyone for comment.

BP's share price was down 0.36% to 456.75p at 10:21 on Thursday morning.

MF

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

What gold, bonds and tech stocks have in common
Stockmarkets

What gold, bonds and tech stocks have in common

"Risk off" or "safe haven" assets such as gold and government bonds have been doing well lately. But so have riskier tech stocks. That seems to defy c…
10 Jul 2020
An economics lesson from my barber
Inflation

An economics lesson from my barber

On reopening his shop after lockdown, Dominic Frisby’s barber doubled his prices. It’s all part of the post-Covid inflation process – and we’re going …
8 Jul 2020
House price crash: UK property prices are falling – so where next?
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020