London: Iraq has entered into a memorandum of understanding with British Petroleum (BP) to explore the potential for an integrated redevelopment of the Kirkuk oil field and its surrounding areas. The agreement marks a significant step towards assessing the prospects for revitalizing these crucial energy resources.

According to National Iraqi News Agency, the memorandum was signed in London, witnessed by Iraq’s Deputy Prime Minister and Minister of Oil, Hayan Abdul Ghani Al-Sawad. The signing took place on Tuesday evening, with Amer Khalil Ahmed, Director General of the North Oil Company, representing Iraq, and Zaid Al-Yasiri, Director of BP’s Iraq Branch, signing on behalf of British Petroleum.

The agreement outlines a cooperative framework to refer the project for rehabilitating and developing the four North Oil Company fields in Kirkuk to BP. The primary objective is to boost production levels and achieve optimal targeted production rates for both oil and gas, a move that could significantly enhance Iraq’s energy output and economic prospects.