Iraq’s Ministry of Oil on Monday revealed a joint program with British Petroleum (bp) to develop oil fields in Kirkuk, Northern Iraq, indicating that the current gas production amounts to about 3,200 million standard cubic feet per day, a report from state news agency said.
The Undersecretary of the Ministry, Ali Maaraj, told the Iraqi News Agency (INA): “The ministry continues to implement its strategy aimed at developing oil fields, processing gas, and achieving self-sufficiency in petroleum derivatives by modernizing and establishing modern refineries.”
He added: “There is a joint program with British Petroleum to develop and invest in oil fields in Kirkuk Governorate, as technical and contractual talks are currently underway to conclude a memorandum of understanding between the North Oil Company affiliated with the ministry and the British company.”
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He explained that “the profit-sharing contract is currently the most appropriate, as it achieves profits for both parties, and British Petroleum is moving in this direction,” expressing his hope “to reach a final technical and contractual agreement soon.”
Regarding gas production, Maaraj noted that “current production is about 3,200 million standard cubic feet per day, 60-65 percent of which is invested, while the remaining amount is burned.”
The undersecretary pointed out that “it is planned to reach zero burning within five years, through the implementation of strategic projects to invest in associated gas,” stressing that “these projects will continue in parallel with development, exploration and production operations to ensure maximum benefit from gas resources.”
Oil giant bp has a long history of oil exploration and production in Iraq. This history stretches back ‎to the 1920s when the company helped ‎Iraq locate, produce and export oil from Baba Gurgur, Kirkuk, according to the bp website.
