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BP’s US$25bn Five-Field Megadeal In Iraq Is Finally Activated
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Why This Matters
BP has activated a $25 billion oil and gas megadeal in Iraq, marking a historic moment for the country's energy sector, 14 years after BP's initial technical services contract with the South Oil Company in 2009.
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Sentiment
Bullish
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80%
Article Context
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Back in 2009, British oil and gas giant BP along with its then-Chinese partner China National Petroleum Corporation secured a technical services contract with Iraq’s state-owned South Oil Company to develop Iraq’s largest oil field – Rumaila – in the first such foreign exploration on the country’s energy sector in 40 years. The company’s activation earlier this month of a US$25 billion five-pronged oil and gas megadeal in the same country may prove even more historic. The 2 October activation of the deal means…
Original article published by
OilPrice.com
on October 28, 2025.
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