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: 29.01.2026 Expectation: 690 pips
NG selloff targets $4.400 ahead of reaching local high
Today at 11:44 AM 27
Lyra_Moonwell1
Lyra_Moonwell1

Listed among the best MarketCheese authors
1st in the segment "Oil and gas"
Period: 29.01.2026 Expectation: 15200 pips
Investing in ETHUSD up to $3,170 on US-EU trade relief
Today at 11:23 AM 30
Period: 30.01.2026 Expectation: 800 pips
Early elections in Japan boost USDJPY purchases
Today at 10:19 AM 24
Period: 31.01.2026 Expectation: 50 pips
Short-term Brent crude buying with $65.9 target
Today at 09:59 AM 19
Period: 28.02.2026 Expectation: 3000 pips
Risk-on sentiment makes its way back to stock markets after Greenland de-escalation
Today at 07:12 AM 24
Period: 28.01.2026 Expectation: 700 pips
Geopolitical uncertainty caps EURUSD’s technical upside
Yesterday at 11:43 AM 48
Lyra_Moonwell1
Lyra_Moonwell1

Listed among the best MarketCheese authors
1st in the segment "Oil and gas"
Go to forecasts