ConocoPhillips has agreed to acquire a 42% stake in BP Energy Company of Kirkuk, joining the redevelopment of major oilfields in northern Iraq. The agreement was formalized during Iraqi Prime Minister Ali Al-Zaidi's visit to Washington, DC. BP ECKL holds the development and production contract for the Baba and Avanah domes of the Kirkuk oilfield, along with the Bai Hassan, Jambur and Khabbaz fields, with an initial phase covering more than three billion barrels of oil equivalent in gross recoverable resources. BP will remain the majority shareholder and the planned transition of operatorship to an unincorporated organization mainly composed of Northern Oil Company and North Gas Company personnel is unchanged. The transaction is expected to close by year-end with an effective date of 1 July 2026, subject to regulatory approval.
ConocoPhillipsConocoPhillips acquires a 42% stake in BP's Kirkuk venture, gaining access to over 3 billion barrels of recoverable resources.
BP sells a 42% stake in its Kirkuk venture, raising capital while retaining majority ownership.