Iraq, BP discusses increasing oil industry investments

BP fuel storage tanks. Photo: Islandstock/Alamy Baghdad (IraqiNews.com) – Iraqi Deputy Prime Minister for Energy Affairs Mohsen al-Mandalawi and officials from British Petroleum (BP) met on Tuesday in London to discuss prospects for a strategic partnership between Iraq and the British firm. The two sides discussed strategies to increase investments in the energy sector, serve mutual interests, and support the Iraqi economy, according to a statement released by al-Mandalawi’s media office. The meeting addressed plans to broaden the scope of oil and gas exploration across Iraq, employ modern technologies for development, and create a promising investment climate. BP is developing four oilfields in the northern Iraqi province of Kirkuk, a move that aligns with larger attempts to broaden the base of foreign partners. The development plan intends to achieve a significant increase in oil and gas output in the next few years. According to Iraqi Oil Minister Basim Khudair, the plan aims to reach an oil production level of 450,000 barrels per day, in addition to 500 million standard cubic feet of gas per day. The four oilfields—Kirkuk, Bai Hassan, Jambur, and Khabbaz—are key oil assets in northern Iraq and represent an important part of the government’s plans to increase production. In 2025, BP reached a deal with Iraq’s North Oil Company to develop the oil fields, with investments projected to reach $25 billion. Khudair affirmed that BP is a strategic partner in the oil and gas sectors. He noted that working together as a team will support the project’s implementation and help address any obstacles that may arise during the development phases.