Oil and gas supermajor BP PLC exited Iraq's Kirkuk oilfield following the expiration of its $100 million exploration contract without any expansion agreement, Reuters reported Jan. 21, citing three sources with knowledge of the matter.
BP in December 2019 notified local government authorities that it was removing its staff from the Kirkuk oilfield after the company's 2013 contract expired at the end of 2019, according to Reuters' sources.
Reuters said a source from North Oil Co., an operator of the Kirkuk oilfield, confirmed that BP has pulled out.
"The results of its field study for Kirkuk oilfield development have been handed over to the North Oil [Co.] and unfortunately it was below expectations ... at least for us," Reuters quoted the North Oil source as saying. "It's very obvious study results were not encouraging for BP to extend its operations."
BP likewise confirmed that it has finished the field study and has submitted the results to North Oil, according to the article. The producer said the oilfield has an estimated 9 billion barrels of recoverable oil, Reuters reported.
The Iraqi administration has not responded to comment requests, according to the report.