bp (BP) said Wednesday it has obtained final ratification from the Iraqi government to redevelop several giant oil fields in Kirkuk in the north of Iraq.
The contract between North Oil Company, North Gas Company (NGC) and bp includes the rehabilitation and redevelopment of the fields, spanning oil, gas, power and water with potential for
investment in exploration, the company said.
bp said it will establish a new operator to prepare for the initial stages of development, with an initial phase of more than 3 billion barrels of oil equivalent.
The shares were up over 1% in recent trading.
Price: 34.69, Change: +0.40, Percent Change: +1.17
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