ConocoPhillips $COP takes 42% BP Kirkuk stake; resource base tops 3B boe

ConocoPhillips $COP agreed to acquire a 42% interest in BP Energy Company of Kirkuk Limited, adding exposure to four producing oil fields in northern Iraq with more than 3B barrels of oil equivalent of initial recoverable resources.

The ConocoPhillips release dated July 17, 2026 says the company agreed to terms with bp and expects the transaction to close by the end of 2026, subject to signing and customary approvals. bp's release also frames the asset as part of the Kirkuk redevelopment.

The FT's July 17 markets feed item put the deal in the broader context of renewed U.S. energy interest in Iraq. The transaction price was not disclosed, so the clean numbers are the 42% interest, four producing fields, the more than 3B boe resource base, and the end-2026 closing target.

Metric | Verified figure
Buyer | ConocoPhillips $COP
Interest | 42%
Fields | 4 producing fields
Initial recoverable resources | more than 3B boe
Expected close | end-2026

The next market check is whether approvals arrive on schedule and whether redevelopment spending changes ConocoPhillips' international production mix. With no transaction value disclosed, investors should avoid treating the announcement as a priced acquisition until formal documents add consideration and capital commitments.

Not investment advice. Verify all figures with primary sources before acting.