Economy Update – Baghdad
On Wednesday, Hayyan Abdel-Ghani, the Deputy Prime Minister for Energy Affairs, announced production figures for the Kirkuk oil fields in line with contractual stipulations established with the British company BP.
According to a statement released by the Ministry of Oil, Deputy Prime Minister Abdel-Ghani affirmed that the agreement signed yesterday with BP consists of the contractual conditions expected to be part of the final contract anticipated for signing in the coming days.
He emphasized that the contract’s execution would mark a significant achievement for the Iraqi government. The development process for the four fields under the North Oil Company is projected to boost production rates to 450,000 barrels per day while maintaining these levels throughout the duration of the contract. Furthermore, it aims to enhance investment and upgrade gas facilities, targeting a minimum output of 400 million cubic feet of gas.
It is important to note that the fields poised for development within the North Oil Company as per the agreement with BP include the Bay Hassan field, Kirkuk field, Jumabur field, and Khabbaz field.
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