Core Insights - British Petroleum (BP) is planning to significantly increase oil and gas production in northern Iraq, targeting an output of approximately 450,000 barrels per day of crude oil and 500 million cubic feet per day of natural gas [1][2][4] - The redevelopment initiative is part of a formal contract activated by Iraq, which aims to rehabilitate some of the country's oldest oil fields and reduce gas flaring, addressing both energy and environmental challenges [2][3][5] Production Goals - The initial production target set by the Iraqi Oil Ministry is 328,000 barrels per day, with BP collaborating with Iraq's North Oil Company (NOC) and North Gas Company (NGC) on several key fields [2][5] - The four Kirkuk-area fields involved in this redevelopment hold around five billion barrels of proven reserves, contributing to Iraq's status as the fifth-largest holder of recoverable oil reserves globally, estimated at 145 billion barrels [4][5] Economic Impact - The gas-capture and development projects awarded to BP and other companies could potentially save Iraq up to $17 billion annually by minimizing the natural gas that is currently flared during oil production [3][5] - Iraq's strategy to attract foreign investment in its energy sector has intensified over the past two years, with BP's expanded role in Kirkuk being a significant milestone in this effort [5]