The Iraqi government signed today a memorandum of understanding (MOU) with the British energy company 'BP' to develop four oil and gas fields in Kirkuk Governorate, north of the country. The MOU was signed by Iraqi Minister of Oil Hayan Abdul Ghani and Chief Executive Officer of BP Murray Auchincloss. A statement issued by the Iraqi government stated that the memorandum covers the rehabilitation and development of the four oil fields belonging to the North Oil Company in Kirkuk, including the Kirkuk oil field, as well as the Bai Hassan, Jambur, and Khabbaz oil fields. The statement indicated that this memorandum comes within the framework of the government's efforts to optimally invest in promising energy opportunities, with the aim of increasing and enhancing oil and gas production. BP is one of the largest foreign entities active in the oil sector in Iraq, as oil production dates back to the 1920s. According to the World Bank, Iraq has 145 billion barrels of proven oil reserves, which is among the larg est crude oil reserves in the world. But Iraq hopes its oil reserves will exceed 160 billion barrels, Abdul Ghani announced last May. Source: Qatar News Agency