BP pulls out of Iraq's Kirkuk field as Expansion Contract Expires

BP has pulled out of Iraq's giant Kirkuk oilfield after its $100 million exploration contract expired with no agreement on its expansion, dealing a fresh blow to Iraq's hopes to expand its oil output, said sources.

The move comes as Western energy companies reassess their operations in Iraq amid political turmoil following months of anti-government protests and a flare-up in tensions between the United States and Iran in the country.

BP informed Iraqi authorities last month that it was pulling its staff out of the oilfield in the north of the country after its 2013 service contract expired at the end of 2019, the sources said.