bp has signed a memorandum of understanding (MoU) with the government of Iraq for a redevelopment project in Kirkuk. The agreement includes rehabilitation and expansion of existing facilities and construction of new ones.
A new drilling programme, which is also predicted, aims to stabilise production at the region and reverse its recent decline.
bp has also committed to look into investment opportunities in power generation, including solar power. Negotiations should be completed by early next year.
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