Big oil company BP plc (ADR) (NYSE:BP) is currently in talks about pumping up oil at the Kirkuk Oil Field in Iraq. They are bidding to produce 300,000 barrels a day at one of the oldest Iraq’s oldest oil fields.
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Currently, the Iraqi government officials gave fifteen licenses to foreign oil and energy companies. In two months, they plan on auctioning off more drilling rights.
The only thing that could possibly hinder BP’s plans for pumping oil in Iraq is politics. The Oil Ministry does not want to sign business agreements that involve the autonomous Kurd region in Northern Iraq and they are not certain if they want to work with Exxon Mobil(NYSE:XOM) in oil production plans. Depending on where BP wants to get their oil, they may have a hard time securing a deal much like Exxon Mobil.
The deputy director general of North Oil Company in Iraq, Hussain Gholam, says that BP has a real shot at securing this deal because they are one of the most “c