Iraq’s Oil Ministry has activated a key contract with British Petroleum to develop four oil fields and rehabilitate gas facilities in Kirkuk province.
The agreement, signed with Iraq’s North Oil and North Gas companies, sets an initial production target of 328,000 barrels per day.
Oil Minister Hayan Abdul Ghani said the deal aims to boost output and support the national economy.
BP could invest up to $25 billion. Oil exports make up over 90% of Iraq’s revenue.
