BP and Iraq Agree Technical Terms for Redeveloping Kirkuk Oil Fields

BP and the federal government of Iraq have agreed on the key technical terms in the plan to redevelop the oil and gas fields in Kirkuk which still hold billions of barrels of recoverable oil remaining in place. BP and the Iraqi government signed a preliminary deal on the technical terms, which is a step forward to a fully termed contract, Bloomberg quoted BP Executive Vice President William Lin as saying in a statement on Thursday. The UK-based supermajor and Iraq expect to complete negotiations by early next year, according to BP. “We are…