Informed economic sources disclosed on Monday that the energy giant British Petroleum (BP) is in talks to invest in three new Iraqi projects.
“The company has abandoned its goal of reducing oil and gas production by 2030 as CEO Murray Auchincloss scales back the energy transition strategy to restore investor confidence while returning to the Middle East,” the sources informed Al-Arabiya.net.
They went on to say that “the company is currently negotiating investments in three new projects in Iraq, one of which is in the Majnoon oil field.”
In a joint venture to manage the enormous Rumaila oil field in southern Iraq, BP owns 50% of the company.
According to the sources, “BP is also considering investing in the redevelopment of fields in Kuwait,” and “the new agreements are expected to be based on a profit-sharing model, unlike previous contracts.”
The British company announced in the Gulf of Mexico that it would proceed with the massive Kaskida field development and intends to approve the Tiber field development.
In order to expand its onshore operations in the United States, “the company will also explore the acquisition of assets in the Permian Basin.”
A comprehensive oil memorandum of understanding was signed on August 1 by Iraqi Prime Minister Mohammed Shia Al-Sudani and BP to develop the Kirkuk fields for oil and gas production.
The four North Oil Company fields in Kirkuk—Kirkuk (Baba and Avana Domes), Bai Hassan, Jambur, and Khabbaz—are the subject of the memorandum’s rehabilitation and development. Additionally, it makes it possible to reach agreements on additional fields or exploration blocks, with both parties looking to take advantage of the region’s energy opportunities to increase oil output and invest in gas and solar energy projects.
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