ConocoPhillips has agreed to acquire a 42% stake in BP Energy Company of Kirkuk Limited, expanding its footprint in northern Iraq at a time when the United States and Iraq are working to strengthen energy ties and reduce the region's dependence on routes vulnerable to disruption.
The transaction, which is expected to close by the end of the year pending regulatory approvals and customary closing conditions, gives ConocoPhillips exposure to some of Iraq's largest producing oil fields. The announcement coincides with Iraqi Prime Minister Ali Al-Zaidi's official visit to Washington and broader discussions around U.S. investment in Iraq's energy sector.
