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Equities

BP to Sell Minority Stake in Iraq-focused Unit to ConocoPhillips

ConocoPhillips (YCP.F) agreed to purchase a 42% stake in BP's (BP.L) unit responsible for the redevelopment of four producing oil fields in Iraq's Kirkuk area, according to a Friday release.The London-listed energy giant's subsidiary, BP Energy Co. of Kirkuk, holds the development and production contract for the Baba and Avanah domes of the Kirkuk oil field and three adjacent fields in Bai Hassan, Jambur, and Khabbaz.The contract also covers an initial gross recoverable resource of more than 3 billion barrels of oil equivalent and options for additional exploration.The deal, which will be effective from July 1, is expected to close by the end of 2026 and remains subject to regulatory approvals.

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Equities

Market Chatter: BP, ConocoPhillips to Reportedly Announce New Investments in Iraq's Energy Sector

BP (BP.L), ConocoPhillips (COPH.VI, YCP.F), and other companies will reportedly announce investments in Iraq's energy sector that could potentially reach up to tens of billions of dollars, CNBC wrote Friday, citing people familiar with the plans.The announcements are expected during the US-Iraq Business Summit in Washington, an event expected to yield more than $60 billion in agreements and memoranda of understanding between US companies and the Iraqi government, the report said.The London-listed energy major and the exploration and production company did not immediately respond to requests for comment from.(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.)

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