BP brings ConocoPhillips into Kirkuk oil field redevelopment with 42% stake in BP ECKL

BP agreed terms for ConocoPhillips to buy a 42% stake in BP Energy Company of Kirkuk, expanding the Kirkuk redevelopment project.

Development and Production Contract targets an initial phase exceeding 3 billion barrels of oil equivalent across key Kirkuk-area fields in northern Iraq.

BP will remain majority shareholder in the Kirkuk venture following completion of the transaction.

Signing is planned during Iraqi Prime Minister Ali Al-Zaidi’s official visit to Washington.