BP To Develop Iraq's Kirkuk Oil Fields On Profit-Sharing Model

British Oil & Gas giant BP Plc (NYSE:BP) will develop Iraq's Kirkuk oil and gas fields based on a profit-sharing model, Iraqi oil ministry officials have revealed. The oil ministry and BP are expected to sign a confidentiality agreement in the current week, after which Iraq will hand over the data package for Kirkuk's four fields and installations. According to the officials, Kirkuk oil fields are currently producing 245,000 barrels of crude per day. Iraq is OPEC's second-largest producer after Saudi Arabia. Iraq's economy relies heavily on…