BP in talks to invest in three new oil projects in Iraq

Shafaq News/ The energy giant British Petroleum (BP) is in talks to invest in three new projects in Iraq, informed economic sources revealed on Monday.

The sources noted to Al-Arabiya.net, “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 company is currently negotiating investments in three new projects in Iraq, including one in the Majnoon oil field,” they added.

BP holds a 50% stake in a joint venture to operate the giant Rumaila oil field in southern Iraq.

“The new agreements are expected to be based on a profit-sharing model, unlike previous contracts,” affirming, “BP is also considering investing in the redevelopment of fields in Kuwait,” the sources pointed out.

In the Gulf of Mexico, the British company announced that it would proceed with the development of the massive Kaskida field and plans to greenlight the development of the Tiber field.

“The company will also explore the acquisition of assets in the Permian Basin to expand its onshore operations in the US.”

On August 1, Iraqi Prime Minister Mohammed Shia Al-Sudani oversaw the signing of a comprehensive oil memorandum of understanding between Iraq’s Ministry of Oil and BP to develop the Kirkuk fields for oil and gas production.

The memorandum covers the rehabilitation and development of four North Oil Company fields in Kirkuk—Kirkuk (Baba and Avana Domes), Bai Hassan, Jambur, and Khabbaz. It also opens the door for potential agreements on other fields or exploration blocks, with both parties seeking to maximize energy opportunities in the region to boost oil output and invest in gas and solar energy projects.