Hey energy fans, big news just dropped! BP and ConocoPhillips shook hands so ConocoPhillips grabs a 42% slice of BP Energy Company of Kirkuk Limited.
This move backs the redevelopment of massive oil fields around Kirkuk in northern Iraq. The deal lands during Iraqi Prime Minister Ali Al-Zaidi’s Washington visit.
Why This Partnership Rocks
BP stays the majority owner while both companies pool their skills. Meg O’Neill, ConocoPhillips’ CEO, calls Kirkuk a world-class resource that fuels Iraq’s ambitions and creates value for everyone.
The contract targets more than 3 billion barrels of oil equivalent from the Baba and Avanah domes plus nearby fields. BP’s century-long Iraq ties keep it central, and the setup needs little extra capital from BP.
