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Iraq Politics
James Gavin
21 March 2025
Follow @PetroleumEcon
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Iraqis look north for progress

Two recent developments raise the prospect of a revival in northern Iraqi oil and gas fortunes, but familiar obstacles could thwart momentum

BP agreed contractual terms at the end of February with the Iraqi federal government to rehabilitate four giant oilfields in Kirkuk, covering more than 3b boe: the Baba and Avanah domes of the Kirkuk oilfield and three adjacent fields—Bai Hassan, Jambur and Khabbaz—all of which are operated by state-owned North Oil Company (NOC). BP will boost production capacity by 150,000b/d, to at least 450,000b/d, within 2–3 years. That announcement was preceded by renewed optimism over the fate of the Iraq–Turkey Pipeline (ITP)which has been shuttered for the past two years after an international arbitration ruling that suspended exports of Kurdish crude through the connection. “The key reason for

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The Middle East natural gas playbook is being rewritten. The fuel source offers the region a pathway to a cleaner, sustainable and affordable means of local power, to fasttrack economic development and as a lucrative opportunity to better monetise its energy resources.

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