Fri 1 Feb to Tue 31 Dec 2013 to be announced

Iraq and BP may sign oil deal

Oil barrels

flickr-ezioman

Iraq may sign a multi-billion pound deal with BP to double the output from the country's giant Kirkul oil field in northern Iraq.

Head of Iraq's oil ministry's petroleum contracts Abdul Mahdy al-Ameedy said that a request was sent to the cabinet to approve contract negotiations with the BP on developing the Kirkuk oil field.

Production at Kirkuk has been waning in recent years, down to 260,000 barrels a day compared to the 900,000 per-day output in the early 2000s.

If approved, the deal will see output at the oil field rise to 600,000 barrels a day.

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