Deal grants ConocoPhillips access to over 3 billion barrels of recoverable oil and gas resources in Kirkuk region fields.
ConocoPhillips agreed to acquire a 42% stake in BP Energy Company of Kirkuk, joining the redevelopment of major oilfields in northern Iraq. The transaction was finalized during Iraqi Prime Minister Ali Al-Zaidi’s visit to Washington, DC.
BP secured Iraqi government ratification for the contract in March 2025, covering production from the Baba, Avanah, Bai Hassan, Jambur, and Khabbaz fields. The initial phase targets over 3 billion barrels of oil equivalent in gross recoverable resources, with additional exploration potential.
ConocoPhillips CEO Ryan Lance said the project aligns with the company’s capital discipline, offering a long-life resource base and exploration upside. The deal does not alter the existing contract framework.