ConocoPhillips to acquire 42% of BP's Kirkuk venture
Iraq · 6 weeks ago
On 17 July 2026 ConocoPhillips agreed to acquire a 42% stake in the BP-led joint venture redeveloping the Kirkuk field in northern Iraq, gaining exposure to more than 3 billion barrels of recoverable resources.
The development and production contract covers the Baba and Avanah domes of the Kirkuk field, along with the nearby Bai Hassan, Jambur and Khabbaz fields in federal Iraq. The purchase price is $0.4bn before closing adjustments, with deferred payments of $0.2bn payable no later than three years from close.
The transaction has an effective date of 1 July 2026 and is expected to close by the end of 2026, subject to regulatory approvals and customary closing conditions. It was announced during an official visit by Iraq's prime minister to Washington.
Source: BP — press release, bp.com