BP to Invest Up to $25 Billion in Kirkuk Oil and Gas Fields

BP, one of the world's leading oil giants, is set to invest between $20 billion and $25 billion in the redevelopment of four major oil and gas fields in Kirkuk, Iraq, according to a recent Reuters report. This multi-billion-dollar investment is expected to be implemented over the course of the project, reinforcing Iraq’s ongoing efforts to attract foreign investors back into its energy sector.

The agreement, which is anticipated to be finalised in the coming weeks, represents a significant milestone for Iraq’s oil industry. The country's crude output has faced major challenges due to decades of conflict, corruption, and political instability.

According to Reuters, BP's investment will be structured under a long-term profit-sharing agreement spanning over 25 years. This extended commitment highlights the growth potential of Iraq’s oil and gas industry and signals increased opportunities for foreign investment in the region’s energy sector.

(Sources: investing.com, reuters.com)