BP, ConocoPhillips Partner In Iraq’s Giant Oilfield

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.