Iraq seeks counterbalance to Chinese investments in oil and gas

Notable oil developments over the past week will have a long-term impact on Iraq’s energy landscape and its relations between East and West.

One of the most significant updates was the agreement signed with international energy giant British Petroleum (BP) to develop key oilfields in the northern province of Kirkuk. This memorandum of understanding, signed by Oil Minister Hayan Abdel Ghani and BP’s CEO, targets four oilfields: Kirkuk, Bai Hassan, Jambur, and Khabbaz. These fields fall under the management of the North Oil Company. The aim is to rehabilitate these fields, significantly increase their output, and enhance Iraq's production capabilities.