ConocoPhillips Acquires 42% Stake in BP's Kirkuk Oil Field on July 17

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According to a statement from ConocoPhillips on July 17, the company agreed to acquire a 42% stake in BP's Kirkuk oil field in Iraq, a major project supporting the conflict-hit nation's energy recovery. The transaction encompasses over 3 billion barrels of oil equivalent with additional exploration potential. Barclays analysts estimate the acquisition price at approximately $400 million, marking one of several agreements signed during Iraqi Prime Minister Ali al-Zaidi's U.S. visit.
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