Iraqis look north for progress

Two recent developments raise the prospect of a revival in northern Iraqi oil and gas fortunes, but familiar obstacles could thwart momentum

BP agreed contractual terms at the end of February with the Iraqi federal government to rehabilitate four giant oilfields in Kirkuk, covering more than 3b boe: the Baba and Avanah domes of the Kirkuk oilfield and three adjacent fields—Bai Hassan, Jambur and Khabbaz—all of which are operated by state-owned North Oil Company (NOC). BP will boost production capacity by 150,000b/d, to at least 450,000b/d, within 2–3 years. That announcement was preceded by renewed optimism over the fate of the Iraq–Turkey Pipeline (ITP)which has been shuttered for the past two years after an international arbitration ruling that suspended exports of Kurdish crude through the connection. “The key reason for