BP and Iraq discuss $25bn Kirkuk oil field development
5 December 2025
Representatives from Iraq’s Oil Ministry and UK-headquartered BP have met in Iraq to discuss planned upstream developments in the country’s Kirkuk region.
In March, BP received final government ratification for its contract to invest in the redevelopment of several giant oil fields in Kirkuk, a deal expected to be worth about $25bn.
At the latest meeting, officials reviewed plans for the project, which aims to develop four of the most important oil fields in Kirkuk governorate:
- Kirkuk
- Bai Hassan
- Jambur
- Khabbaz
During the meeting, it was confirmed that BP aims to raise oil production to 450,000 barrels a day (b/d) and produce 500 million cubic feet a day (cf/d) of gas.
Relevant state-owned companies that operate in Iraq’s oil and gas sector took part in the discussions, with the aim of ensuring that work is carried out in line with existing timetables, according to a statement from the Oil Ministry.
Production from the Kirkuk oil fields is currently between 285,000 b/d and 330,000 b/d.
Most of this production is consumed domestically, with some volumes exported to Jordan.
The broader $25bn project is also expected to include the construction of solar power plants.
Kirkuk oil production
Kirkuk’s oil output has seen sharp declines. Between 2005 and 2010, production ranged from 600,000 b/d to 725,000 b/d, with around 500,000 b/d exported to Turkiye’s Ceyhan port.
By 2014, production had fallen to 400,000-500,000 b/d, dropping further to 250,000-325,000 b/d in the following years due to reduced well productivity.
In December last year, BP agreed to the technical terms for developing the Kirkuk oil fields.
This was followed by an agreement on all contractual terms, which was announced on 25 February 2025.
The contract was then signed on 10 March 2025.
BP, which was part of the consortium that discovered oil in Kirkuk in the 1920s, previously signed a letter of intent in 2013 to study the development of the Kirkuk fields.
However, the plan was suspended in 2014 after Islamic State militants took control of parts of northern and western Iraq.
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