BP plans to allocate $25bn towards the redevelopment of Kirkuk oil and gas fields

The British energy company, BP, plans to invest up to $25 billion throughout the redevelopment project lifespan which focuses on four oil and gas fields located in Kirkuk, Iraq, Reuters reports.

According to the report, BP’s investment strategy includes regional expansion as well as supporting Iraq in boosting oil production and modernising its energy systems.

The Kirkuk project focuses on improved oil recovery using cutting-edge extraction methods while modernising facilities and streamlining operations. The Ministry of Oil in Iraq verified that talks with BP are still happening to establish the project structure which will deliver economic benefits and job opportunities for local communities.

Production difficulties at Kirkuk—an ancient yet highly productive Iraqi oil field—stem from both antiquated infrastructure as well as ongoing security problems. BP’s participation will increase production capacity substantially thereby strengthening Iraq’s influence in worldwide energy markets.

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