AI Summary

ConocoPhillips has agreed to purchase a 42 % stake in BP’s development subsidiary that controls four major oilfields in Iraq’s Kirkuk region. The partnership will focus on rehabilitating and optimizing production, with an estimated investment of about $25 billion for an initial phase targeting the extraction of more than 3 billion barrels of oil equivalent. The joint venture will operate as an equity affiliate, requiring no significant upfront capital from either company, and returns will be tied to incremental production volumes and costs. Current operators Northern Oil Company and Northern Gas Company will continue their active roles.

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