Iraqi government calls on BP to help develop Kirkuk's oilfields

Iain Gilbert WebFG News | 18 Oct, 2017 16:28 - Updated: 16:28 | | |

cbbp123

Iraqi government officials urged oil giant BP to assist in developing oilfields in the disputed city of Kirkuk on Wednesday after Iraqi troops and state-sanctioned militiamen stormed through the area on Sunday.

The military action in the city of Kirkuk in the north-east corner of Iraq came less than a month after the semi-autonomous region of Kurdistan had overwhelmingly voted in favour of independence on 25 September.

Iraq's central government declared the result of the referendum illegitimate shortly thereafter.

Baghdad was said to be attempting to double the oil output from the Kirkuk fields to more than 1m barrels of oil per day (BOEPD) and had made contact with BP to ask for its help in the process.

Iraqi Oil Minister Jabar al-Luaibi called on BP "to quickly make plans to develop the Kirkuk oilfields" on Wednesday.

Speaking at the Oil and Money conference in London on the same day, BP's chief executive Bob Duley said that while the group knew Kirkuk well, and had done previously done technical work in the region, he hadn't heard anything from Jabar at the time.

Iraq, the Organisation of the Petroleum Exporting Countries' (OPEC) second-largest producer of oil, with the most productive areas in the country being the Kurdish-controlled territories that contained much of its energy infrastructure.

BP estimated that Kirkuk, which had a majority 48% Kurdish population before the city was raided by Iraqi forces, held an estimated 9bn barrels worth of recoverable oil remaining below the surface.

More news

09:00 Quiz posts 35% jump in revenue in first results since IPO

In its first trading update as an AIM-listed company, fashion brand Quiz reported a 35% jump in interim revenue, driven by growth across all of its channels.

08:54 Thomas Cook tumbles as weak UK overshadows results

Thomas Cook said it was on track to meet expectations this year but problems in the UK, the tour operator’s biggest market, overshadowed its annual results.

08:42 London open: Stocks edge up ahead of Budget; Thomas Cook tanks

London stocks edged tentatively higher in early trade on Wednesday as investors sifted through corporate releases ahead of the Autumn Budget.

08:04 Sage completes cloud transformation and promises 2018 acceleration

Sage Group kept revenue growth and margins above their annual target and said the launch of its Business Cloud software suite would enable it to "accelerate momentum" in 2018.

08:04 SSP full-year profit up, announces £100m special dividend

SSP reported a rise in full-year profit on Wednesday as it announced a special dividend of around £100m, but said that like-for-like revenue growth next year is expected to drop slightly.

07:49 Countryside Properties operating profit, completions up amid strong demand

Housebuilder and regeneration partner Countryside Properties posted a rise in annual operating profit on Wednesday as revenue and completions grew amid strong demand.

07:47 United Utilities profit rises 10% in first half

United Utilities profit rose 10% in the first half as the water and waste management company increased revenue and cut costs.

07:44 Hammerson offloads stake in Strasbourg Place des Halles, United Utilities profit ahead in first half

London open

07:38 London pre-open: Stocks to nudge up ahead of Autumn Budget

London stocks were set to nudge up at the open on Wednesday as investors eyed the Autumn Budget.

07:29 Wednesday newspaper round-up: Uber hack, Hinckley Point, LSE

Uber concealed a massive global breach of the personal information of 57 million customers and drivers in October 2016, failing to notify the individuals and regulators, the company acknowledged on Tuesday. Uber also confirmed it had paid the hackers responsible $100,000 to delete the data and keep the breach quiet, which was first reported by Bloomberg. – Guardian