Iraq will share profits with BP from developing its giant Kirkuk oil and gas fields, two officials said on Tuesday, as the country moves away from low-margin service contracts to speed up production growth and lure back Western majors. Several oil majors, including BP, in recent years turned to other countries offering better terms. They complained the traditional oil service contracts in Iraq that paid a flat rate for every barrel of oil produced after reimbursing costs, prevented them benefiting from rising oil prices. Iraq and BP, which is returning after a nearly five-year absence, signed a preliminary agreement earlier this month to develop four oil and gas fields
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