UK-based supemajor BP has withdrawn from the Kirkuk oilfield in northern Iraq after its field study contract expired, and no deal was signed for a potential expansion, likely because of discouraging study results, Reuters reported on Tuesday, quoting sources familiar with the issue and a senior source at the Iraqi company overseeing the operations. BP had a contract to study the development potential of the Kirkuk oilfield which expired in December 2019. BP’s presence in Iraq actually began in Kirkuk in the 1920s when the company that is now known as BP helped Iraq to locate, produce, and export oil from Baba Gurgur, which was the largest oil field in the world at the time. BP provided technical assistance to Iraqi state-held North Oil Company to help it with the redevelopment of the Kirkuk field. Kirkuk is estimated to hold some 9 billion barrels of recoverable oil remaining, according […]