BP agreed to sell a 42% interest in its BP Energy Company of Kirkuk (BP ECKL) venture to ConocoPhillips. BP will retain a majority shareholding in the venture following the transaction. The companies did not disclose the financial terms of the agreement.
The partnership aims to redevelop the Kirkuk, Bai Hassan, Jambur, and Khabbaz oil fields in northern Iraq. This initial phase targets gross recoverable resources exceeding 3 billion barrels of oil equivalent. The venture combines the expertise of both energy giants for the region's next development phase.
The agreement will be signed during the Iraqi Prime Minister's visit to Washington, D.C. This deal supports a broader initiative to attract U.S. investment into Iraq's energy sector.