ConocoPhillips to acquire 42% stake in bp’s Kirkuk venture

ConocoPhillips has reached an statement with bp to get a 42% involvement successful BP Energy Company of Kirkuk (BP ECKL) and articulation the ongoing redevelopment of large oilfields successful the Kirkuk portion of bluish Iraq.

The statement was formalised during the authoritative sojourn of Iraqi Prime Minister Ali Al-Zaidi to Washington, DC.

BP ECKL holds the improvement and accumulation declaration (DPC) for the Baba and Avanah domes of the Kirkuk oilfield, on with the neighbouring Bai Hassan, Jambur and Khabbaz fields. These 4 large-scale producing fields are located successful Federal Iraq.

In March 2025, bp secured last ratification from the Iraqi Government for its declaration to put successful the redevelopment project.

According to the DPC, the archetypal signifier covers lipid and state accumulation of much than 3 cardinal barrels of lipid equivalent successful gross recoverable resources.

The declaration besides provides for further exploration wrong the area.

ConocoPhillips president and CEO Ryan Lance said: "This unsocial redevelopment accidental is good aligned with our disciplined concern framework, providing entree to a material, high-quality and long-life assets base, comfortably gathering our outgo of proviso threshold.

"Consistent with our absorption connected superior discipline, we spot an accidental to make worth done a capital-efficient redevelopment programme that leverages a ample existing accumulation base, portion besides offering meaningful exploration upside."

The transaction does not change the existing declaration model oregon the existent roles of the Northern Oil Company (NOC) and North Gas Company (NGC) arsenic operators of the applicable assets.

The planned modulation of operatorship to an unincorporated organisation chiefly composed of NOC and NGC unit remains unchanged.

BP volition stay the bulk shareholder successful BP ECKL and volition proceed participating arsenic a cardinal subordinate of the contractor group.

Following the closing of the deal, the associated task volition beryllium accounted for arsenic an equity affiliate, with partners each booking accumulation and reserves according to the DPC terms.

Remuneration for BP ECKL nether the declaration volition beryllium determined by incremental accumulation volumes, pricing and costs.

The completion of the transaction is expected by year-end, with an effectual day of 1 July 2026, taxable to regulatory support and customary closing conditions.

"ConocoPhillips to get 42% involvement successful bp's Kirkuk venture" was primitively created and published by Offshore Technology, a GlobalData owned brand.