Baghdad (IraqiNews.com) \u2013 Iraqi Oil Minister Basim Khudair and representatives from British Petroleum (BP) and Texas-based ConocoPhillips discussed on Monday the development of Iraq\u2019s oil and gas industry.<\/p>\n
The meeting held in Baghdad included BP\u2019s Iraq director Zaid al-Yasiri, Nader Zaki, Ariel Flores, and ConocoPhillips representative William Arnold, as well as senior Iraqi officials in the oil sector.<\/p>\n
The discussions addressed strategic advancements to maximize the utilization of Iraq\u2019s hydrocarbon resources, optimize field development, and upgrade extraction technologies, according to a statement cited by the state-run Iraqi News Agency (INA).<\/p>\n
The Iraqi Oil Ministry activated in early August its Kirkuk oilfield contract with BP, a project aiming to elevate crude oil production from its current capacity of 320,000 barrels per day to a peak target of 420,000 barrels per day.<\/p>\n
The deal expands crude extraction while capturing associated gas to eliminate gas flaring and provide fuel for power plants.<\/p>\n
The activation of the Kirkuk project represents a major step in Iraq\u2019s broader energy strategy to achieve natural gas self-sufficiency and reduce reliance on imported fuel.<\/p>\n
ConocoPhillips has agreed to purchase a 42 percent share in BP\u2019s Kirkuk project, boosting its position in Iraq by redeveloping four key oil resources in the northern Iraqi province.<\/p>\n
ConocoPhillips Chairman Ryan Lance said that the investment aligns with the company\u2019s conservative approach by offering access to a big, high-quality, and long-life resource base while needing very little expenditure.<\/p>\n
The agreement represents another initiative by Iraq to attract foreign investments and boost production from its aging oil assets, as well as to strengthen partnerships with prominent global energy companies.<\/p>\n","protected":false},"excerpt":{"rendered":"Baghdad (IraqiNews.com) \u2013 Iraqi Oil Minister Basim Khudair and representatives from British Petroleum (BP) and Texas-based ConocoPhillips discussed…\n","protected":false},"author":2,"featured_media":271763,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[14],"tags":[58627,11791,74189,131,409,154,897,32934,60714,94,7007,213,899],"class_list":["post-271762","post","type-post","status-publish","format-standard","has-post-thumbnail","category-iraq","tag-associated-gas","tag-bp","tag-british-petroleum","tag-conocophillips","tag-crude-oil","tag-energy","tag-gas","tag-gas-flaring","tag-hydrocarbon-resources","tag-iraq","tag-kirkuk","tag-oil","tag-oil-production"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/117191261744371328","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/271762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=271762"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/271762\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/271763"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=271762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=271762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=271762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}