BAGHDAD, Aug. 2 (Xinhua) — Iraq signed a memorandum of understanding with British oil giant BP Thursday to develop four oil and gas fields in Iraq’s northern province of Kirkuk.
Iraqi Prime Minister Mohammed Shia’ al-Sudani oversaw the signing ceremony of the memorandum between the Iraqi Oil Ministry and BP, according to the minister’s media office.
The memorandum includes the rehabilitation and development of the four fields of the government-owned North Oil Company in the province, according to the statement.
This deal is part of the government’s efforts to enhance the development of the energy sector, it added.
Iraq’s economy heavily relies on crude oil exports, which account for about 90 percent of the country’s revenues.
