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.