BP (NYSE:BP) and Iraq's government will sign a major deal covering four Kirkuk oil and gas fields by the first week of February, which would be larger than a 2023 deal with TotalEnergies valued at $27B,

Iraq and British oil giant BP are set to finalise a deal by early February to develop four oil fields in Kirkuk and curb gas flaring, Iraqi authorities announced Wednesday.

By bnm Gulf bureau Iraq will sign a massive deal with BP covering four Kirkuk oil and gas fields by early February that will exceed the value of TotalEnergies' $27bn Basra agreement, Oil Minister Hayan Abdel-Ghani told Reuters during his UK visit on January 15,

BP warned that its fourth-quarter results will be hit by weaker oil and gas production, refining margins and trading, while also delaying a highly-anticipated investor day due to a medical procedure undergone by CEO Murray Auchincloss.

BP is warning of weak fourth-quarter profits as a result of weaker production, refining margins and trading.

BP expects lower production in the upstream segment in the fourth quarter (Q4) compared with Q3, affecting both oil production and operations and gas and low-carbon energy.