BP and ConocoPhillips Partner to Redevelop Iraq's Kirkuk Oilfields
BP and ConocoPhillips announced a $25 billion partnership to redevelop major oilfields in Iraq’s Kirkuk region, with ConocoPhillips acquiring a 42% stake in BP’s local subsidiary. The deal, signed during the U.S.-Iraq Business Summit in Washington, aims to boost Iraq’s oil production, diversify export routes away from the Strait of Hormuz, and counter Iranian and Chinese influence in the region. The investment includes over $60 billion in broader U.S.-Iraq agreements.
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TPAO to acquire 15% interest in bp’s Kirkuk project
Türkiye Petrolleri Anonim Ortaklığı (TPAO) has agreed to acquire a 15% stake in BP Energy Company of Kirkuk (BP ECKL), expanding its role in redeveloping major oil and gas fields in northern Iraq's Kirkuk region. The deal was finalized during Iraqi Prime Minister Ali Al-Zaidi's official visit to Turkey. Following the transaction, bp will retain a 43% stake and remain the majority shareholder, after ConocoPhillips previously obtained a 42% stake. BP ECKL operates under a development and production contract covering the Baba and Avanah domes of the Kirkuk oilfield, as well as the Bai Hassan, Jambur, and Khabbaz fields. The contract envisions an initial production phase exceeding three billion barrels of oil equivalent, with additional exploration opportunities. The agreement builds on a February 2026 memorandum of understanding between bp and TPAO. bp CEO Meg O'Neill highlighted the long-standing partnership with TPAO and the strategic importance of the Kirkuk redevelopment for Iraq's energy ambitions.
ConocoPhillips to acquire 42% stake in bp’s Kirkuk venture
ConocoPhillips has agreed to acquire a 42% stake in BP Energy Company of Kirkuk (BP ECKL) from bp, joining the redevelopment of major oilfields in northern Iraq. The deal was formalized during Iraqi Prime Minister Ali Al-Zaidi's official visit to Washington, DC. BP ECKL holds the development and production contract for the Baba and Avanah domes of the Kirkuk oilfield, as well as the Bai Hassan, Jambur, and Khabbaz fields. The initial phase covers over three billion barrels of oil equivalent in gross recoverable resources, with additional exploration potential. ConocoPhillips CEO Ryan Lance stated the opportunity aligns with the company's disciplined investment framework. BP will remain the majority shareholder, and the transaction is expected to close by year-end, effective 1 July 2026, subject to regulatory approvals. The existing contract framework and operator roles of Northern Oil Company and North Gas Company remain unchanged.
ConocoPhillips to acquire 42% stake in bp’s Kirkuk venture
ConocoPhillips has agreed to acquire a 42% stake in BP Energy Company of Kirkuk (BP ECKL) from bp, joining the redevelopment of major oilfields in northern Iraq. The deal 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, as well as the Bai Hassan, Jambur, and Khabbaz fields. The initial phase covers over three billion barrels of oil equivalent in gross recoverable resources, with additional exploration potential. ConocoPhillips CEO Ryan Lance said the opportunity aligns with the company's disciplined investment framework. BP will remain the majority shareholder, and the existing operational roles of the Northern Oil Company and North Gas Company will not change. The transaction is expected to close by year-end 2026, subject to regulatory approvals.
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BP and ConocoPhillips Partner to Redevelop Iraq's Kirkuk Oilfields for $25 Billion
ConocoPhillips has agreed to acquire a 42% stake in BP's development subsidiary covering four major oilfields in Iraq's Kirkuk region. The partnership aims to rehabilitate and optimize production at a cost of approximately $25 billion, targeting an initial phase to extract over 3 billion barrels of oil equivalent. The deal marks ConocoPhillips' return to Iraq after more than a decade and aligns with Baghdad's strategy to expand U.S. energy investments to counter the dominant presence of Chinese firms. The joint venture will function as an equity affiliate with no significant upfront capital contributions, linking returns to incremental production volumes and costs. Current state operators Northern Oil Company and Northern Gas Company will retain active roles. The super-giant Kirkuk field, discovered in 1927, currently produces 285,000-330,000 barrels per day, down from a historical peak of 1 million bpd. Iraq restarted crude exports via the Kirkuk-Ceyhan pipeline in March 2026 after a three-year suspension.
BP and ConocoPhillips Partner to Redevelop Iraq's Kirkuk Oilfields
ConocoPhillips has agreed to acquire a 42% stake in BP's development subsidiary covering four major oilfields in Iraq's Kirkuk region, marking its return to Iraq after over a decade. The partnership aims to rehabilitate and optimize production at a cost of approximately $25 billion, targeting an initial phase to extract over 3 billion barrels of oil equivalent. The deal aligns with Baghdad's strategy to expand U.S. energy investments and counter the dominant presence of Chinese firms. The century-old Kirkuk field, discovered in 1927, currently produces between 285,000 and 330,000 barrels per day, largely for domestic consumption. Exports via the Kirkuk-Ceyhan pipeline to Turkey resumed in March 2026 after a three-year suspension. Iraq is also pursuing alternative export routes, including a proposed pipeline through Syria to the Mediterranean.
ConocoPhillips to Buy 42% Stake in BP's Iraq Kirkuk Oil Venture
ConocoPhillips has agreed to acquire a 42% interest in BP Energy Company of Kirkuk Limited, marking its entry into the redevelopment of major Iraqi oil fields including Kirkuk, Bai Hassan, Jambur, and Khabbaz. The deal, expected to be signed during Iraqi Prime Minister Ali al-Zaidi's visit to Washington, gives ConocoPhillips access to over 3 billion barrels of recoverable resources with additional exploration potential. CEO Ryan Lance stated the investment aligns with the company's disciplined strategy for long-life, low-cost conventional assets. Unlike traditional acquisitions, the joint venture will be accounted for as an equity affiliate, requiring minimal upfront capital after closing. The transaction is subject to regulatory approvals and is expected to close by end of 2026, with an effective date of July 1, 2026. The deal supports Iraq's efforts to rehabilitate production from the historic Kirkuk region and reflects a broader industry trend of IOCs returning to large conventional assets.
ConocoPhillips to buy 42% stake in Iraqi unit from BP as U.S. seeks to weaken Iran's energy hold
ConocoPhillips has agreed to acquire a 42% stake in BP Energy Company of Kirkuk Limited (BP ECKL), supporting the redevelopment of major oil fields in northern Iraq, including the Baba and Avanah domes of the Kirkuk field and three adjacent fields. The deal is expected to be signed during the U.S.-Iraq Business Summit in Washington, coinciding with Iraqi Prime Minister Ali Al-Zaidi's official visit. The transaction, subject to regulatory approvals, is set to close by year-end. The move aligns with U.S. efforts to bolster Iraq's energy sector, reduce reliance on routes vulnerable to Iranian disruption, and diversify export routes away from the Strait of Hormuz. BP and ConocoPhillips executives highlighted the strategic value of the world-class resource base. Iraq is also courting other major energy firms like Halliburton, Shell, and Honeywell for further investments.
BP and ConocoPhillips to Announce Major Iraq Investments as U.S. Seeks to Counter Iran's Energy Influence
BP and ConocoPhillips are set to announce billions of dollars in new investments in Iraq on Friday during the U.S.-Iraq Business Summit in Washington, according to sources familiar with the plans. The announcements come as Washington seeks to bolster Iraq's energy sector and reduce regional reliance on routes vulnerable to Iranian disruption, particularly the Strait of Hormuz. The summit is expected to feature over $60 billion in agreements and memorandums of understanding between U.S. companies and the Iraqi government. Iraqi Prime Minister Ali Al-Zaidi will meet senior U.S. officials and energy executives. BP has a long history in Iraq, including recent agreements to redevelop oil and gas resources in Kirkuk. The investments aim to boost Iraq's oil production and diversify export routes amid renewed U.S.-Iran tensions.