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ConocoPhillips to Acquire 42% Stake in Kirkuk Oilfield Redevelopment

ConocoPhillips logoConocoPhillips
Sig5.20Sen+3.60Env-6.10Soc-1.20Gov0.00
BP logoBP
Sig4.20Sen+2.60Env-3.80Soc+0.80Gov+0.60

ConocoPhillips agreed to acquire a 42% stake in BP Energy Company of Kirkuk Ltd, joining BP to redevelop four producing oilfields in northern Iraq. The contract covers more than 3 billion barrels of oil equivalent in initial recoverable resources, with added exploration potential across multiple fields. The deal is expected to close by end-2026 amid Iraq efforts to attract further U.S. investment.

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