BP, ConocoPhillips Partner In Iraq’s Giant Oilfield

AI Summary

ConocoPhillips agreed to acquire a 42% stake in BP's development subsidiary managing four major oilfields in Iraq's Kirkuk region. This $25 billion partnership aims to enhance production and aligns with Baghdad’s efforts to increase U.S. energy investments in the country.

ConocoPhillips (NYSE:COP) agreed to acquire a 42% stake in BP Plc’s (NYSE:BP) development subsidiary covering four major oilfields in the Kirkuk region of northern Iraq, with the partnership aiming to rehabilitate and optimize production at a cost of ~$25 billion. The deal brings ConocoPhillips back to Iraq for the first time in over a decade, and aligns with Baghdad’s goal to expand U.S. energy investments. The Development and Production Contract (DPC) targets an initial phase aiming to extract more than 3 billion barrels of oil equivalent.…