ConocoPhillips takes 42% in Kirkuk oil project

ConocoPhillips announced its agreement with BP to acquire a 42% stake in "BP Energy Company of Kirkuk Ltd," in support of re-developing four major oil fields in Kirkuk, northern Iraq. The deal is expected to be signed by the end of 2026, pending regulatory approvals and closing conditions, with the goal of increasing production from resources exceeding 3 billion barrels of oil equivalent and exploring new areas. The transaction focuses on enhancing the operations of existing fields and generating value through efficient investment. It is part of Iraq's and major oil companies' efforts to support the energy industry in the region.

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