HOUSTON (dpa-AFX) - On Friday, ConocoPhillips (COP), an oil-based energy company, announced that it has agreed to terms to gain a 42% interest in BP Energy Company of Kirkuk Ltd., supporting the current redevelopment scheme of four large-scale oil fields that are currently producing oil in the Kirkuk area in Northern Iraq.
The agreement is expected to be signed by Iraqi Prime Minister Ali al-Zaidi as a part of his official visit to Washington D.C. The transaction is expected to close by the end of 2026, effective July 1.
BP of Kirkuk holds the Development and Production Contract covering the Baba and Avanah domes of Kirkuz oil field and three adjacent fields, such as Bai Hassan, Jambur and Khabbaz.
The contract includes an initial gross recoverable resource of two billion barrels, to be recovered through rehabilitating the fields and optimization activities.
In the pre-market activity on the NYSE, the shares were trading 1.35 percent higher at $114.37, after closing Thursday's regular trading 1.24 percent up.
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