BP Plc finalized an agreement with the government of Iraq to redevelop the giant Kirkuk oil fields, a deal that signals a return to the company’s Middle Eastern routes and should help to bolster production from the OPEC member.

DUBAI (Reuters) -Iraq and oil major BP have signed a deal to redevelop four Kirkuk oil and gas fields, BP said on Tuesday, a breakthrough for Iraq, where output has been constrained by years of war, corruption and sectarian tensions.

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 state-owned North Oil Company (NOC) and British Petroleum (BP) signed on Tuesday an agreement to develop four oil fields in Kirkuk.

Iraq and oil major BP signed a deal to redevelop four Kirkuk oil and gas fields, Iraq's state news agency reported on Tuesday. The deal marks a breakthrough for Iraq, where output has been constrained by years of war,

BP mentions that the project involves a drilling schedule and the construction of new facilities, including gas expansion projects.

The energy giant's announcement of the tie-up comes as it finalises plans to ditch renewables targets set under previous CEO. View on euronews

BP has finalised contractual terms with the Government of Iraq to invest in the redevelopment of several giant oilfields in Kirkuk. The investment spans oil, gas, power and water sectors, with potential for further exploration.