ConocoPhillips agreed to acquire a 42% interest in a BP venture to redevelop oil fields in northern Iraq’s Kirkuk region. The project focuses on the redevelopment of four large, producing fields.
The announcement occurred during Iraqi Prime Minister Ali al-Zaidi’s official visit to Washington, D.C. This agreement signals a strategic effort to strengthen energy ties between the United States and Iraq.
The contract targets a region with estimated initial gross recoverable resources exceeding 3 billion barrels of oil equivalent. This acquisition provides ConocoPhillips access to a material, high-quality, and long-life resource base.
The move mirrors a recent agreement by Chevron in southern Iraq. U.S. energy firms are seeking to secure production and alternative export routes amid shipping disruptions in the Strait of Hormuz.