The UK oil and gas company BP has received final ratification from the Iraqi Government for its contract to invest in the redevelopment of several large-scale oil fields in Kirkuk, northern Iraq. The contract between North Oil Company (NOC), North Gas Company (NGC) and BP includes the rehabilitation and redevelopment of the fields, spanning oil, gas, power and water with potential for investment in exploration.
The deal covers four main fields in Iraq, namely the Baba and Avanah domes of the Kirkuk oil field, along with the Bai Hassan, Jambur and Khabbaz developments, all currently operated by Iraq’s North Oil Company (NOC). The initial phase includes oil and gas production exceeding 3 Gboe, while the wider resource opportunity across the area is believed to include up to 20 Gboe.
The agreement follows a preliminary agreement signed in February 2025 and a Memorandum of Understanding signed in July 2024. It also builds upon BP's previous work on the Kirkuk fields from 2013 to 2019.
In 2023, Iraq produced over 10 bcm of natural and 212 Mt of crude oil and NGLs. The country’s proved reserves stood at 3,714 bcm for gas and 19,730 Mt for oil in 2023.