The deal involves BP Energy Company of Kirkuk, the entity holding the rights to manage the redevelopment project alongside state-owned North Oil and North Gas companies. While the financial terms of the transaction remain undisclosed, ConocoPhillips frames the investment as a commitment to boosting output from these established assets.
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ConocoPhillips Acquires 42% Stake in BP’s Kirkuk Oil Project
A 42% interest in a BP unit tasked with redeveloping northern Iraq’s vast Kirkuk oil fields has been purchased by ConocoPhillips. The U.S. energy giant confirmed the agreement on Friday, stepping into a strategic contract that targets the rehabilitation of fields currently pumping crude in the volatile northern region.
BP finalized the underlying government contract last year, projecting an initial production phase exceeding 3 billion barrels of oil equivalent. Beyond the immediate rehabilitation work, the agreement leaves room for further exploration efforts. BP representatives described the partnership as a move toward disciplined capital allocation, allowing the U.K.-based firm to share the operational and financial weight of one of Iraq’s most significant energy developments.
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