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Iraq, BP sign agreement to develop Kirkuk oil fields

BAGHDAD, Jan 18 (KUNA) -- Iraqi Oil Ministry inked on Thursday a memorandum of understanding with the British conglomerate British Petroleum (BP) to develop oil fields in northern Kirkuk These fields, run by the state North Oil Company, will be developed to increase the overall national crude oil output, Oil Minister Jabbar Al-Luaybi, said in a statement.
Michael Townshend, President of the BP branch, said the company would survey the fields, prepare studies and seek to raise the crude output to 750,000 barrels per day in the Kirkuk fields.
Minister Al-Luaybi, accompanied by Townshend, examined the oil fields in the Kirkuk province earlier today.
Current oil output capacity at these fields is reportedly estimated at 420,000 bpd. (end) ahh.rk