ConocoPhillips agrees to buy 42% stake in bp’s Kirkuk oil fields venture in Iraq

Reuters2026/07/17 11:08

By:Reuters

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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.
Assets sit under a development and production contract covering parts of the Kirkuk field plus nearby Bai Hassan, Jambur, Khabbaz fields.
Contract includes initial gross recoverable resources of more than 3 billion barrels of oil equivalent.
Deal expected to close by end-2026, subject to approvals, with an effective date of July 1, 2026.
Joint venture to be treated as an equity affiliate, with remuneration tied to incremental production and costs.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. ConocoPhillips published the original content used to generate this news brief on July 17, 2026, and is solely responsible for the information contained therein.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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ConocoPhillips agrees to buy 42% stake in bp’s Kirkuk oil fields venture in Iraq

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