Iraq, BP sign deal to boost crude output from Kirkuk oilfields - ministry
Iraq signed a memorandum of understanding with BP on Thursday to boost the production capacity of its northern Kirkuk oilfields, according to the country’s oil ministry. The oilfields were taken back under Baghdad’s control last October after Iraqi government forces dislodged Kurdish fighters from the area, Reuters said. The agreement provides for BP to boost Kirkuk’s output capacity to 750,000 barrels per day – more than twice the existing volume. Oil exports are transported from the field by pipeline to Turkey. They came to a halt after the Iraqi military operation, which was conducted in retaliation against an independence referendum held on September 25. Iraq plans to start trucking crude from Kirkuk to Iran at the end of the month.