bp welcomes ConocoPhillips into Kirkuk redevelopment in Iraq

bp and ConocoPhillips have reached an agreement for ConocoPhillips to acquire a 42% stake in BP Energy Company of Kirkuk Limited (BP ECKL), marking a significant step in the redevelopment of several major oil fields in the Kirkuk region of northern Iraq.

The partnership, expected to be signed during Iraqi Prime Minister Ali Al-Zaidi's official visit to Washington, D.C., combines the strengths and expertise of both companies while underscoring bp's disciplined capital allocation strategy.

Chief executive officer Meg O’Neill said: “Kirkuk is a world-class resource base that can support Iraq’s long-term energy ambitions while creating value for both the country and bp. This partnership with ConocoPhillips brings together two great teams and positions us well for the next phase of redevelopment. We’re being deliberate about where we invest, backing high-quality resources that can deliver long-term value for our shareholders."

The Development and Production Contract covers an initial phase targeting more than 3 billion barrels of oil equivalent from the Baba and Avanah domes of the Kirkuk oil field, along with the nearby Bai Hassan, Jambur, and Khabbaz fields in federal Iraq. The contract area, currently operated by the Northern Oil Company (NOC), also offers additional exploration opportunities.

bp has maintained a presence in Iraq for over a century, with extensive operational experience across both the northern and southern regions. Following the completion of the transaction, bp will retain a majority stake in BP Energy Company of Kirkuk Limited (BP ECKL) and continue to play a leading role in the contractor group.