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bp today reached agreement on all contractual terms with the Government of the Republic of Iraq to invest in several giant oil fields in Kirkuk providing for the rehabilitation and redevelopment of the fields, spanning oil, gas, power and water with potential for investment in exploration.

Two officials revealed on Tuesday that Iraq will split earnings with British Petroleum (BP), a British multinational oil and gas company headquartered in London, and boost the development of oil and gas reserves in the northern Iraqi governorate of Kirkuk.