BP Advances Iraq's Kirkuk Oil Fields Deal with Profit-Sharing Model

BP's agreement to develop Iraq's Kirkuk oil fields will follow a profit-sharing model, with a final deal expected by year's end. The oil ministry and BP plan to sign a confidentiality agreement, allowing Iraq to provide data on Kirkuk's fields. Current production at these fields is 245,000 barrels per day.

BP's deal to develop Iraq's Kirkuk oil and gas fields will be based on a profit-sharing model, with a final agreement anticipated by the end of this year, Iraqi oil ministry officials disclosed on Tuesday.

The oil ministry and BP are slated to sign a confidentiality agreement this week. Following this, Iraq will present the data package for Kirkuk's four fields and installations, according to officials who spoke on the condition of anonymity.

Currently, production at Kirkuk's fields stands at 245,000 barrels per day, the officials noted. BP did not immediately respond to a request for comment.

(With inputs from agencies.)