Iraq Hands BP Final Approval for Kirkuk Oil Development

British Oil & Gas giant BP Plc (NYSE:BP) has received final approval by the Iraqi government for the redevelopment of the giant Kirkuk oil fields, with an initial plan to produce 3B boe. BP will develop Iraq's Kirkuk oil and gas fields based on a profit-sharing model, Iraqi oil ministry officials have revealed. BP will spend as much as $25B in a deal that will last more than 25 years. Previously, Iraq’s oil ministry and BP signed a confidentiality agreement, after which Iraq handed over the data package for Kirkuk's four fields and installations.…