4 Energy Stock Stories Kicking Off the New Trading Week
BP (NYSE:BP): Closing price $41.36
The oil minister Abdul Kareem Luaibi of Iraq said on Saturday that BP is interested in participation in the redevelopment of Iraq’s huge Kirkuk oil field, which is deteriorating from falling production. Output at Kirkuk, discovered in 1927, has fallen to 260,000 barrels per day from 900,000 barrels a day in the early 2000s, subsequent to years of injecting water and the dumping of unwanted crude and other oil products into the field’s reservoir. BP is one of a number of global oil firms already redeveloping other old oil fields in Iraq. Baghdad has agreed to a series of contracts with world oil majors to boost Iraq’s output to 12 million barrels per day by 2017, which would be sufficient to make it the largest-producing country on the planet.