BP 与伊拉克共和国政府就所有合同条款达成一致，将投资基尔库克的几个大型油田，对这些油田进行修复和再开发，涉及石油、天然气、电力和水利，并具有勘探投资潜力。该协议有待政府最终批准。

BP 将在伊拉克政府的指导下成立新的运营商，该运营商将是一个非法人组织，主要由来自北方石油公司 (NOC) 和北方天然气公司 (NGC) 的人员组成，但也包括来自 BP 的借调人员。新的运营组织将从 NOC 接管基尔库克的运营。根据本协议，BP 预计将成立一家独立的法人合资企业，以持有其在运营商中的权益。

该协议处于初始阶段，包括石油和天然气产量超过 30 亿桶油当量 (boe)。它包括基尔库克油田的 Baba 和 Avanah 油田以及伊拉克联邦的三个相邻油田——Bai Hassan、Jambur 和 Khabbaz，所有这些油田目前均由 NOC 运营。据信，合同和周边地区的更广泛资源机会包括高达 200 亿桶油当量。

工作将包括钻井计划、现有油井和设施的修复以及新的基础设施建设，包括天然气扩建项目。

BP reached agreement on all contractual terms with the Government of the Republic of Iraq to invest in several giant oil fields in Kirkuk providing for the rehabilitation and redevelopment of the fields, spanning oil, gas, power and water with potential for investment in exploration. The agreement is subject to final governmental ratification.

BP will work under the guidance of the Government of Iraq in setting up the new operator, which will be an unincorporated organization comprising predominantly personnel from the North Oil Company (NOC) and North Gas Company (NGC), but also with secondees from BP. The new operating organization will take over operations at Kirkuk from NOC. Subsequent to this agreement, BP expects to form a standalone incorporated joint venture to hold its interests in the operator.

The agreement is for an initial phase and includes oil and gas production of more than 3 billion barrels of oil equivalent (boe). It includes the Baba and Avanah domes of the Kirkuk oil field and three adjacent fields – Bai Hassan, Jambur and Khabbaz – in Federal Iraq, all of which are currently operated by the NOC. The wider resource opportunity across the contract and surrounding area is believed to include up to 20 billion barrels of oil equivalent.

Work will include a drilling program, the rehabilitation of existing wells and facilities, and the construction of new infrastructure, including gas expansion projects.