Iraq Signs Deal with BP to Develop Kirkuk Oil and Gas Fields

This handout picture released by Iraq's Prime Minister's Media Office on August 1, 2024, shows him (C) looking on as BP CEO, Murray Auchincloss, (L) and Iraq's Minister of Oil, Hayan Abdul Ghani al-Sawad, sign a memorandum of understanding to develop four oil fields in Kirkuk. (Photo by IRAQI PRIME MINISTER'S PRESS OFFICE / AFP)
This handout picture released by Iraq's Prime Minister's Media Office on August 1, 2024, shows him (C) looking on as BP CEO, Murray Auchincloss, (L) and Iraq's Minister of Oil, Hayan Abdul Ghani al-Sawad, sign a memorandum of understanding to develop four oil fields in Kirkuk. (Photo by IRAQI PRIME MINISTER'S PRESS OFFICE / AFP)
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Iraq Signs Deal with BP to Develop Kirkuk Oil and Gas Fields

This handout picture released by Iraq's Prime Minister's Media Office on August 1, 2024, shows him (C) looking on as BP CEO, Murray Auchincloss, (L) and Iraq's Minister of Oil, Hayan Abdul Ghani al-Sawad, sign a memorandum of understanding to develop four oil fields in Kirkuk. (Photo by IRAQI PRIME MINISTER'S PRESS OFFICE / AFP)
This handout picture released by Iraq's Prime Minister's Media Office on August 1, 2024, shows him (C) looking on as BP CEO, Murray Auchincloss, (L) and Iraq's Minister of Oil, Hayan Abdul Ghani al-Sawad, sign a memorandum of understanding to develop four oil fields in Kirkuk. (Photo by IRAQI PRIME MINISTER'S PRESS OFFICE / AFP)

Iraq has signed a preliminary agreement with British energy group BP to develop the northern Kirkuk oil and gas fields, the Iraqi prime minister's office said on Thursday.
Under the deal, which was signed in Baghdad between Iraq's oil minister Hayan Abdel-Ghani and BP CEO Murray Auchincloss, BP will develop four oil and fields in the Kirkuk region, the statement from the Iraqi prime minister's office said.
BP will start drawing up a major plan to boost output capacity of crude oil and gas from Kirkuk, Bai Hasan, Jambour and Khabbaz fields, Iraq oil ministry officials said.
The Kirkuk field's reservoir was discovered in 1927 and is where Iraq's oil industry was founded, reported Reuters.
Iraq, the second biggest producer in the Organization of the Petroleum Exporting Countries behind Saudi Arabia, currently has the capacity to produce almost 5 million barrels per day.



Saudi Mineral Resources Minister, US Energy Secretary Discuss Strengthening Strategic Cooperation 

The Saudi and American delegations meet at the Ministry of Industry and Mineral Resources on Sunday. (SPA)
The Saudi and American delegations meet at the Ministry of Industry and Mineral Resources on Sunday. (SPA)
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Saudi Mineral Resources Minister, US Energy Secretary Discuss Strengthening Strategic Cooperation 

The Saudi and American delegations meet at the Ministry of Industry and Mineral Resources on Sunday. (SPA)
The Saudi and American delegations meet at the Ministry of Industry and Mineral Resources on Sunday. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held official talks on Sunday with US Secretary of Energy Chris Wright as part of his current visit to the Kingdom.

The talks at the ministry headquarters in Riyadh focused on strengthening the strategic relationship between Saudi Arabia and the US in the mining and minerals sector.

They explored ways to expand cooperation in the mining sector and emphasized the importance of minerals in the energy transition, advanced technology industries, and modern economies linked to clean energy, as well as their significance in the electric vehicle industry and its components.

The two sides discussed ways to boost economic cooperation and high-value investment opportunities in both countries and the enablers available to leverage these opportunities in support of deepening their longstanding partnership.

Alkhorayef invited the US energy secretary to attend the Future Minerals Forum, which will be held in Riyadh next year.

Wright later visited the King Fahd University of Petroleum and Minerals (KFUPM) in Dhahran. He was welcomed by Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz, KFUPM President Muhammad Al-Saggaf, and senior university officials.

Wright was briefed on the university's academic and research specializations, as well as its efforts to foster innovation and develop human capital in the fields of energy, engineering, and science. He met with faculty members and students and learned about the university's initiatives to advance educational and research programs in line with the highest international standards.

He was introduced to KFUPM’s international collaboration and academic exchange programs, particularly those with leading US institutions, which are designed to foster knowledge sharing, encourage joint learning, and provide students with global exposure that enhances both their academic growth and career prospects.

This visit underscores KFUPM’s role as a leading academic and research institution in the energy sector and strengthens research and academic cooperation between Saudi Arabia and the US.