ConocoPhillips buys 42% stake in Kirkuk

ConocoPhillips announced on July 17, 2026 that it will acquire a 42% stake in the contract held by BP to redevelop the Kirkuk supergiant oilfield in northern Iraq. Reaction pending.

42% stake in Kirkuk

Officials said the agreement covers participation in the existing redevelopment contract rather than a direct asset purchase. The parties did not disclose the price or a detailed timetable; the company announced that the transaction remains subject to Iraqi government approvals and customary closing conditions.

Strategic push by US firms

Expect a regulatory filing or formal Iraqi approval statement within two weeks, by July 31, 2026, which will clarify ownership percentages, operational roles and the transaction’s closing conditions.

Officials said the deal brings a major US producer back into a project long associated with Iraq’s legacy fields and shifting geopolitical interests. The company announced the transaction as part of a wider return of US groups to Iraq intended to counter growing influence from other foreign investors in the Opec member.

Industry observers said the move reasserts US corporate presence in Iraq’s upstream sector and could shape partnership patterns for future contracts. Officials added the change may accelerate technical work at Kirkuk, which officials and historical records classify as one of Iraq’s largest producing fields.