BP has reached an agreement with Iraq's government to redevelop four major oil and gas fields in Kirkuk, following a memorandum signed in July 2024. The deal, potentially worth $25 billion, marks a significant achievement for Iraq, which has faced production constraints due to war and corruption. The initial phase will involve over three billion barrels of oil equivalent, with the potential for 20 billion barrels in total. BP is shifting its strategy under new CEO Murray Auchincloss, moving away from previous green energy targets to focus on high-return businesses.