BP in talks to invest in 3 oil projects in Iraq

Informed economic sources revealed on Monday that the British energy giant British Petroleum (BP) is holding talks to invest in three new projects in Iraq.

The sources said that the company abandoned a goal to reduce its oil and gas production by 2030, at a time when the company’s CEO, Murray Auchincloss, reduced its energy transition strategy with the aim of restoring investor confidence with a return to the Middle East, according to the website “Al Arabiya.net.”

The sources added that the company is currently holding talks to pump investments into three new projects in Iraq, including a project in the Majnoon field.

BP has a 50% stake in a joint venture to operate the giant Rumaila oil field in southern Iraq.

Last August, BP signed an agreement with the Iraqi government to develop and explore the Kirkuk oil field in the north of the country, build power plants and increase solar energy capacity.

The sources said the new agreements are expected to be based on a profit-sharing model, in stark contrast to previous contracts.

The sources added that BP is also considering investing in redeveloping fields in Kuwait.

In the Gulf of Mexico, the company said it would move forward with development of the massive Cascade field, and the company also intends to greenlight development of the Tiber field.

The sources confirmed that the company will also consider acquiring assets in the Permian shale oil basin with the aim of expanding the size of its onshore operations in the United States.

Shafaq.com