ConocoPhillips to Acquire 42% Interest in BP Northern Iraq Joint Venture

ConocoPhillips (COP) said Friday it has agreed to acquire a 42% interest in BP's (BP) BP Energy Company of Kirkuk, which oversees the ongoing redevelopment of four large-scale, currently producing oil fields in northern Iraq's Kirkuk region.

Financial terms were not provided.

The Kirkuk joint venture will be accounted as an equity affiliate and is not expected to require "significant" capital contributions, ConocoPhillips said.

The agreement is expected to be signed during Iraqi Prime Minister Ali al-Zaidi's visit to Washington, the company said.

The transaction is expected to close by the end of 2026, the company added.

Shares of ConocoPhillips and BP were each up by about 1% in premarket activity Friday.

Market Chatter: UK's Burnham Said He Plans North Sea Drilling, Thames Water Nationalization

Incoming UK Prime Minister Andy Burnham is preparing to announce support for new North Sea oil and gas drilling and plans to bring Thames Water under public control shortly after taking office, Bloomberg reported Thursday, citing people familiar with the matter.Burnham, who is due to succeed Keir Starmer on Monday, has asked civil servants to prepare energy and water policy proposals that could be announced as early as next week, according to the report.Options under consideration include backing development of the Jackdaw gas and Rosebank oil fields and expanding drilling tied to existing North Sea projects.Government officials expect Burnham ultimately to support at least the Jackdaw project, though formal approval may be delayed while public consultations continue, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

US to Impose 25% Section 301 Tariff on Certain Brazilian Imports

The Office of the US Trade Representative said late Wednesday it will impose a 25% tariff on certain imports from Brazil following the conclusion of a Section 301 investigation that found Brazil's trade practices unreasonable and restrictive to U.S. commerce.The action targets issues including digital trade, electronic payment services, preferential tariff treatment, intellectual property protection, ethanol market access, anti-corruption enforcement and illegal deforestation.The tariff will apply to most Brazilian imports, though products including beef, orange juice, aircraft and aircraft parts, and energy products are excluded.

ConocoPhillips to Acquire 42% Interest in BP Northern Iraq Joint Venture

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Market Chatter: UK's Burnham Said He Plans North Sea Drilling, Thames Water Nationalization
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The Office of the US Trade Representative said late Wednesday it will impose a 25% tariff on certain imports from Brazil following the conclusion of a Section 301 investigation that found Brazil's trade practices unreasonable and restrictive to U.S. commerce.The action targets issues including digital trade, electronic payment services, preferential tariff treatment, intellectual property protection, ethanol market access, anti-corruption enforcement and illegal deforestation.The tariff will apply to most Brazilian imports, though products including beef, orange juice, aircraft and aircraft parts, and energy products are excluded.

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