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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Oil and BP sign a contract to develop an oil field in Kirkuk

    Rocky
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    • Post n°1

    Oil and BP sign a contract to develop an oil field in Kirkuk Empty Oil and BP sign a contract to develop an oil field in Kirkuk

    Post by Rocky Tue 08 May 2018, 2:24 am

    Oil and BP sign a contract to develop an oil field in Kirkuk



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    Oil Minister Jabbar al-Luaibi said on Monday that the state-owned North Oil Company signed an agreement with BP to increase production from the northern Kirkuk fields to three times .
    He told a news conference after signing the agreement that the signing took place in the southern city of Basra .
    Under the agreement, BP will increase the total production capacity of six fields in the Kirkuk region to more than one million bpd, which is three times the current production capacity in the region .
    Baghdad regained control of the oil fields in October after Iraqi government forces removed Kurdish fighters from the region. The minister began talks with BP in the same month, days after Kurdish fighters were removed .
    Oil exports from the region, which were being transported via a pipeline to Turkey, were halted after the Iraqi military operation, which was carried out in response to a referendum on independence held by the semi-autonomous Kurdistan Regional Government on September 25 .
    Iraq plans to start transporting crude from Kirkuk to Iran by truck, but the road to the border has yet to be secured against attacks by armed militants .
    BP agreed in 2013 to help Baghdad stop a sharp drop in Kirkuk's output. The Iraqi Kurdistan Regional Government took control of Kirkuk in 2014 when the Iraqi army collapsed in the face of sweeping progress to organize the Islamic state in northern and western Iraq .
    Kirkuk is one of the largest and oldest oil fields in the Middle East and estimated recoverable oil amounts of about 9 billion barrels, according to data from BP .
    BP has provided technical support to the North Oil Company in the past to help redevelop the Kirkuk field .
    Iraq is the second-largest producer of oil in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia. Iraq's oil production capacity is close to five million bpd, but now produces 4.45 million barrels per day (bpd) in compliance with the OPEC-led supply cut .
    Most Iraqi crude is produced from areas in the south of the country run by the central government in Baghdad and exported from southern ports on the Gulf. The Kurdistan Regional Government (KRG) is exporting about 300,000 bpd of crude from northern Iraq via a pipeline to Turkey .

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