Published by Global Banking & Finance Review®
Posted on February 5, 2026
1 min readLast updated: February 5, 2026
Add as preferred source on GoogleBP seeks a partner to enhance production at an old Iraqi oil field, aiming to share costs and increase output, as reported by Bloomberg.
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.
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.
BP declined to comment.
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)
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.
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.
Production challenges are obstacles that hinder the efficient extraction and processing of resources, such as technical difficulties, regulatory issues, or market fluctuations.
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