ConocoPhillips to Buy 42% Stake in Iraqi Unit from BP
By Adria Calatayud
ConocoPhillips said it is buying a 42% interest in a BP unit that holds a contract for the redevelopment of several large oil fields in the Kirkuk area of northern Iraq for an undisclosed sum.
The U.S. oil company said Friday that it reached an agreement with BP for its investment in BP Energy Company of Kirkuk, the contractor for the rehabilitation and redevelopment of the oil fields. ConocoPhillips said the deal would support the redevelopment of the fields, currently producing oil.
BP last year finalized an agreement with the Iraqi government, which ratified a contract between the U.K. energy group and Iraqi companies North Oil and North Gas to invest in the redevelopment of the Kirkuk fields.
The development-and-production contract includes an initial phase of oil and gas production of more than 3 billion barrels of oil equivalent, and the area has potential for additional exploration, BP said.
The U.K. company said the partnership with ConocoPhillips reflects its disciplined approach to capital allocation.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
July 17, 2026 07:46 ET (11:46 GMT)
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