bp plans to spend between $20 to $25 billion over the lifetime of a project to redevelop four Kirkuk oil and gas fields through a profit-sharing agreement that would last more than 25 years, a senior Iraqi oil official told Reuters.

This came as part of Iraq’s efforts to return back the foreign investment.

Once the deal is signed, which it is expected to be over the coming weeks according to the official, it would be a great progress for Iraq.

The official said to Reuters “the technical and economic negotiations were progressing well, and final contracts could be signed in the first half of February and possibly by the end of this week.”

Under the terms of the contract, bp would boost crude production capacity from the four oilfields in Kirkuk by 150,000 barrels per day (bbl/d) to raise total capacity to at least 450,000 bbl/d in 2-3 years, the official said.

Under the profit-sharing agreement that is being discussed, the senior oil official said bp would be able to recover costs and start making profits once it has increased output beyond current levels.