Houston (IraqiNews.com) — ConocoPhillips has agreed to purchase a 42% share in BP Energy Company of Kirkuk Limited (BP ECKL), boosting its position in Iraq by redeveloping four key oil resources in the Kirkuk area.

The deal with BP is scheduled to be inked during Iraqi Prime Minister Ali al-Zaidi’s formal visit to Washington, D.C.

The project includes the rebuilding of the Baba and Avanah domes of the old Kirkuk oil field, as well as the surrounding Bai Hassan, Jambur, and Khabbaz fields. Together, the fields have an initial gross recoverable resource of more than 3 billion barrels of oil equivalent, with significant exploration potential across the contract area.

ConocoPhillips Chairman and CEO Ryan Lance said that the investment aligns with the company’s conservative approach by offering access to a big, high-quality, and long-life resource base while needing very little expenditure.

He added that the business has an opportunity to generate value via a capital-efficient redevelopment program that improves on current production while providing considerable exploration potential.

The Development and Production Contract focuses on repairing and maximizing output from Iraq’s present producing fields, which have long been among its most valuable oil assets.

The deal is scheduled to conclude by the end of 2026, subject to regulatory clearance and usual closing conditions, with an effective date of July 1, 2026.

Following completion, ConocoPhillips will handle BP ECKL as an equity affiliate.

The business said that the investment is not anticipated to require major financial commitments, with profits tied to its share of increased output and related expenses.

The agreement is another step in Iraq’s attempts to attract foreign investment to upgrade and grow output from its aging oil assets, while also strengthening ties with big global energy corporations.