On Monday, the Ministry of Oil, represented by the North and North Gas, formalized a significant agreement for the development of several oil fields—specifically, Kirkuk, colloquially known as “Avana,” as well as “Baba,” Bay Hassan, Baks, and Jambour—by signing a contract with the British company BP.
Hayyan Abdul Ghani Al-Sawad, the Deputy Prime Minister for Energy Affairs and Minister of Oil, emphasized the ministry’s commitment to optimizing the nation’s oil and gas resources. He noted that these developments are expected to positively affect the federal budget’s financial resources.
Al-Sawad characterized the signing of this contract for the development of fields managed by the Northern Oil Company as a major accomplishment for both the ministry and BP, especially following a period of operational halt. He highlighted that the forthcoming development and rehabilitation efforts will significantly increase national production levels. Furthermore, investment in gas production aims to enhance electric energy generation, expressing gratitude to all parties involved in reaching this milestone.
The signing event included participation from various key officials, such as the Undersecretary for Extraction Affairs, the Undersecretary for Gas Affairs, the Undersecretary for Liquidation Affairs, as well as the general managers of Basra Oil and the Oil Company. Notably present was the Director General of the Department of Reservoirs and the Development of Fields, along with the Assistant Director General of the Contracts and Petroleum Licensing Department.
This contract entails the rehabilitation and development of the four Kirkuk oil fields and includes plans for the renovation and expansion of gas facilities under the North Gas Company.
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