Feb 5 (Reuters) - BP is looking for a partner to help ramp up production and share some costs at one of the oldest Iraqi oil fields, Bloomberg News reported on Thursday, citing people with knowledge
BP Seeks Partner to Enhance Output at Iraq's Historic Kirkuk Oil Field
BP's Partnership Strategy for Kirkuk Oil Field
Feb 5 (Reuters) - BP is looking for a partner to help boost output and share costs at Iraq's Kirkuk oil field, one of the Middle East's oldest, Bloomberg News reported on Thursday, citing people familiar with the matter.
Investment and Development Plans
A process to identify potential investors is under way, the report said, adding that the timing of any agreement remains uncertain and could extend into next year.
Historical Context of Kirkuk Oil Field
BP declined to comment.
BP's Shift in Energy Focus
BP signed a contract last year with Iraq's North Oil Company to help redevelop the Kirkuk oil fields, with investment expected to reach up to $25 billion.
The company was part of the group of companies which discovered oil in Kirkuk during the 1920s. The area is estimated to hold about 9 billion barrels worth of recoverable crude oil.
BP has been refocusing on oil and gas in recent years after a failed five-year strategy focusing on clean energy and net zero.
(Reporting by Yamini Kalia and Unnamalai L in Bengaluru; Editing by Shailesh Kuber)
