Baghdad: The Ministry of Oil announced on Saturday the signing of a memorandum of understanding with BP (British Petroleum) and ConocoPhillips (USA) to study the potential and promising opportunities in the oil sector in Kirkuk Governorate.

According to National Iraqi News Agency, the Ministry of Oil stated, "In the presence of Oil Minister Basim Mohammed Khudair al-Abadi, the Ministry of Oil signed a memorandum of understanding with BP and ConocoPhillips to initiate discussions between the two companies and the North Oil Company, and to exchange information regarding potential exploration opportunities in the Kirkuk region."

The statement further revealed that the memorandum aims to assess the opportunities in the oil sector within Kirkuk Governorate and examine the possibility of enhancing future cooperation among the parties involved in exploration and development. This initiative is intended to support the Ministry's plans to maximize hydrocarbon resource utilization and advance oil field development.

The ministry emphasized that this agreement aligns with its strategy to expand collaboration with esteemed international companies, leveraging their expertise and modern technologies to implement exploration projects and advance Iraq's oil and gas sector.