ConocoPhillips buys 42% stake in BP’s Iraq Kirkuk oil project
ConocoPhillips has agreed to acquire a 42% interest in BP Energy Company of Kirkuk Limited, expanding its exposure to long-life, low-cost conventional resources.
The agreement gives ConocoPhillips a stake in the development and production contract covering several fields in federal Iraq, containing an initial gross recoverable resource estimated at more than 3 billion barrels of oil equivalent.
The investment is not expected to require substantial capital contributions after closing, with the joint venture to be accounted for as an equity affiliate.