BP agreed to terms for ConocoPhillips to acquire a 42% interest in BP Energy Company of Kirkuk (BP ECKL). This venture focuses on redeveloping several large-scale oil fields in northern Iraq.
The partnership targets a resource base estimated to hold over 3 billion barrels of oil equivalent. The project covers the Baba and Avanah domes of the Kirkuk field, as well as the adjacent Bai Hassan, Jambur, and Khabbaz fields.
BP will remain the majority shareholder in the venture. Both companies will formally sign the agreement during the Iraqi Prime Minister's visit to Washington, D.C.
Financial details of the transaction were not disclosed. The move aligns with BP's strategy of disciplined capital allocation and focusing on high-quality, long-term value resources.