27 March 2025 | Oil

Iraq gives BP final approval to produce oil in Kirkuk

Iraq gives BP final approval to produce oil in Kirkuk

British company BP has received final approval from the Iraqi government to develop huge oil fields in Kirkuk. The deal will be based on a profit-sharing model, and will last for more than 25 years. BP plans to invest about $25 billion in the project to produce around 3 billion barrels of oil.

According to the Iraqi government, 245,000 barrels of oil per day are currently produced in Kirkuk's fields. The state's deal with BP will boost the progress of the country, whose economy is heavily dependent on crude oil exports, says Alex Kimani of Oilprice.com.

In recent years, Iraq has been actively redeveloping abandoned energy sites and attracting foreign investors. For example, last year the government signed an agreement with France's TotalEnergies for a $27 billion oil, gas and renewable energy project.

After years of geopolitical instability in Iraq, Kimani says such deals increase the chances of other foreign investors returning to the country.

Elena Dorokhina MarketCheese
Period: 14.11.2026 Expectation: 3500 pips
Sell Bitcoin with $75,000 in view
30 October 2026 86
Period: 14.11.2026 Expectation: 150 pips
Go short on SPX down to $7,500
30 October 2026 110
Brent sell
Period: 29.11.2026 Expectation: 450 pips
Brent crude sell-off targets $105
29 October 2026 86
Period: 12.11.2026 Expectation: 28000 pips
Go long on NVIDIA stock up to $243
29 October 2026 91
Period: 28.11.2026 Expectation: 130 pips
Invest in SPX with 7,850 in view
28 October 2026 118
Period: 28.11.2026 Expectation: 4200 pips
Selling EURUSD down to 1.07000
28 October 2026 134
Go to forecasts