Baghdad (IraqiNews.com) – Iraqi Oil Minister Basim Khudair and representatives from British Petroleum (BP) and Texas-based ConocoPhillips discussed on Monday the development of Iraq’s oil and gas industry.

The meeting held in Baghdad included BP’s Iraq director Zaid al-Yasiri, Nader Zaki, Ariel Flores, and ConocoPhillips representative William Arnold, as well as senior Iraqi officials in the oil sector.

The discussions addressed strategic advancements to maximize the utilization of Iraq’s hydrocarbon resources, optimize field development, and upgrade extraction technologies, according to a statement cited by the state-run Iraqi News Agency (INA).

The Iraqi Oil Ministry activated in early August its Kirkuk oilfield contract with BP, a project aiming to elevate crude oil production from its current capacity of 320,000 barrels per day to a peak target of 420,000 barrels per day.

The deal expands crude extraction while capturing associated gas to eliminate gas flaring and provide fuel for power plants.

The activation of the Kirkuk project represents a major step in Iraq’s broader energy strategy to achieve natural gas self-sufficiency and reduce reliance on imported fuel.

ConocoPhillips has agreed to purchase a 42 percent share in BP’s Kirkuk project, boosting its position in Iraq by redeveloping four key oil resources in the northern Iraqi province.

ConocoPhillips Chairman Ryan Lance said that the investment aligns with the company’s conservative approach by offering access to a big, high-quality, and long-life resource base while needing very little expenditure.

The agreement represents another initiative by Iraq to attract foreign investments and boost production from its aging oil assets, as well as to strengthen partnerships with prominent global energy companies.