Baghdad: The Ministry of Oil announced the signing of a memorandum of understanding with BP and ConocoPhillips to explore oil sector opportunities in Kirkuk Governorate.

According to Iraqi News Agency, the memorandum was signed in the presence of Oil Minister Basim Mohammed Khudair al-Abadi, marking the beginning of discussions between BP, ConocoPhillips, and the North Oil Company. The agreement focuses on exchanging information regarding potential exploration in the Kirkuk region.

The ministry’s statement highlighted that the aim of the memorandum is to assess the redevelopment potential in Kirkuk’s oil sector. It seeks to explore the possibility of future cooperation in exploration and development, aligning with the Ministry of Oil’s strategy to maximize hydrocarbon resource utilization and develop oil fields.

The ministry emphasized that this initiative is part of its broader strategy to enhance collaboration with international companies. It aims to leverage the expertise and advanced technologies of these companies to progress exploration projects and advance the oil and gas sector in Iraq.