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Iraq, BP considering Kirkuk field upgrade deal

BY HASSAN HAFIDH

LONDON -- Iraq is considering a multi-billion-dollar deal with BP to double the output from the country' s giant Kirkuk oil field in northern Iraq. Abdul Mahdy Al-Ameedi, Head of the Oil Ministry' s petroleum contracts and licensing directorate, said a request has been sent to the cabinet to approve contract negotiations with BP on developing the Kirkuk oil field and 70% provisions of the contract with BP to develop Kirkuk are ready.

In addition to BP, Schlumberger and Baker Hughes, have also held talks with the oil ministry on upgrading Kirkuk. Production at Kirkuk, discovered in 1927, has declined to 260,000 bopd from 900,000 bopd  in the early 2000s after years of injecting water and dumping unwanted crude and other oil products in the field.

Dow Jones Newswires

01/17/2013

 

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