Iraq’s Ministry of Oil activated its contract with BP for the development of the Kirkuk oilfield on 2 October. The contract had been finalized in March (MEES, 28 March), and activation came less than a week after an agreement was signed for the restart of oil exports via the Iraq-Turkey Pipeline (MEES, 3 October).
Oil minister Hayan Abdulghani says that the initial production rate has been set at 328,000 b/d. The UK major will be paid for output above this level. An initial target was previously set at 400,000 b/d. For now, Kirkuk’s crude appears to be earmarked for domestic refining, but some volumes could be exported once production increases. (CONTINUED - 272 WORDS)
