ConocoPhillips agrees to buy 42% stake in bp’s Kirkuk oil fields venture in Iraq
COP•Deal terms and timing
The contract includes initial gross recoverable resources of more than 3 billion barrels of oil equivalent.
The deal is expected to close by end-2026, subject to approvals, with an effective date of July 1, 2026.
The joint venture will be treated as an equity affiliate, with remuneration tied to incremental production and costs.
ConocoPhillips to acquire stake in Kirkuk venture
ConocoPhillips agreed terms with bp to buy a 42% stake in BP Energy Company of Kirkuk, targeting redevelopment of producing oil fields in northern Iraq.
The assets sit under a development and production contract covering parts of the Kirkuk field plus nearby Bai Hassan, Jambur, and Khabbaz fields.
