ConocoPhillips agrees to acquire 42% stake in bp's Kirkuk venture

Published Jul 20, 09:11 AM UTC

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.