SEATTLE (Oil Monster): BP is looking for a partner to help boost output and share costs at Iraq's Kirkuk oil field, one of the Middle East's oldest, Bloomberg News reported on Thursday, citing people familiar with the matter.
A process to identify potential investors is under way, the report said, adding that the timing of any agreement remains uncertain and could extend into next year.
BP signed a contract last year with Iraq's North Oil Company to help redevelop the Kirkuk oil fields, with investment expected to reach up to $25 billion.
The company was part of the group of companies which discovered oil in Kirkuk during the 1920s. The area is estimated to hold about 9 billion barrels worth of recoverable crude oil.
BP has been refocusing on oil and gas in recent years after a failed five-year strategy focusing on clean energy and net zero.
Courtesy: www.reuters.com
