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Home > Finance > BP seeking partner at one of Middle East's oldest oil fields, Bloomberg says

BP seeking partner at one of Middle East's oldest oil fields, Bloomberg says

Published by Global Banking & Finance Review®

Posted on February 5, 2026

1 min read

Last updated: February 5, 2026

BP seeking partner at one of Middle East's oldest oil fields, Bloomberg says - Finance news and analysis from Global Banking & Finance Review

Tags:partnership oil and gas investment

Quick Summary

BP seeks a partner to enhance production at an old Iraqi oil field, aiming to share costs and increase output, as reported by Bloomberg.

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)

Key Takeaways

•BP is seeking a partner for an Iraqi oil field.
•The partnership aims to boost production and share costs.
•Bloomberg reported the news citing knowledgeable sources.
•BP has not commented on the report.
•The field is one of Iraq's oldest oil sites.

Frequently Asked Questions about BP seeking partner at one of Middle East's oldest oil fields, Bloomberg says

1What is oil production?

Oil production refers to the process of extracting crude oil from the ground and refining it into usable products such as gasoline, diesel, and other petrochemicals.

2What is a partnership in business?

A partnership in business is a formal arrangement where two or more parties agree to manage and operate a business together, sharing profits, losses, and responsibilities.

3What are production challenges?

Production challenges are obstacles that hinder the efficient extraction and processing of resources, such as technical difficulties, regulatory issues, or market fluctuations.

BP's Partnership Strategy for Kirkuk Oil Field

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)

Frequently Asked Questions

1What is oil production?

Oil production refers to the process of extracting crude oil from the ground and refining it into usable products such as gasoline, diesel, and other petrochemicals.

2What is a partnership in business?

A partnership in business is a formal arrangement where two or more parties agree to manage and operate a business together, sharing profits, losses, and responsibilities.

3What are production challenges?

Production challenges are obstacles that hinder the efficient extraction and processing of resources, such as technical difficulties, regulatory issues, or market fluctuations.