ConocoPhillips Acquires Major Stake in BP Oil Unit in Northern Iraq

ConocoPhillips announced on Friday its agreement to acquire a 42 percent stake in BP Energy Limited in Kirkuk from BP, a move aimed at supporting the redevelopment of four oil production fields in the northern region of Iraq. The company clarified that the agreement is expected to be signed during the official visit of Iraqi Prime Minister Ali Al-Zaidi to Washington. The contract outlines plans to develop recoverable resources exceeding three billion barrels of oil equivalent through field rehabilitation, redevelopment, and enhancement efforts, alongside additional exploration potential. During his visit to the White House this week, Prime Minister Al-Zaidi seeks to attract significant American investments in Iraq's oil, gas, and energy sectors, especially after the American-Israeli war on Iran led to a decline in the country's crude oil production and financial resources.