The Iraqi Oil Ministry said it had an agreement with BP. The development of oil and gas fields in Kirkuk will be based on a profit-sharing model.

The Iraqi oil ministry will hand over the data package of the four Kirkuk fields and their facilities to BP this week.

Iraq’s current production of oil from Kirkuk fields is 245 thousand barrels per day, and it signed a memorandum of understanding with “B.B.” for the rehabilitation and development of 4 oil fields in Kirkuk.

Officials expect Iraq to reach a final agreement with the “B.B.” to develop Kirkuk fields by the end of 2024.

The reserves of the Kirkuk field were discovered in 1927, the place where the Iraqi oil industry emerged from the womb.

Iraq, the second-largest producer in the Organization of Petroleum Exporting Countries “OPEC” after Saudi Arabia, currently has the capacity to produce almost 5 million barrels per day.