ConocoPhillips announced it has agreed to acquire a 42% stake in BP Energy Kirkuk Limited from BP, supporting the redevelopment of four oil-producing fields in northern Iraq.

The company said the agreement is expected to be signed during Iraqi Prime Minister Ali Al-Zaidi’s official visit to Washington.

The contract covers the development of extractable resources exceeding three billion barrels of oil equivalent across those fields through rehabilitation, redevelopment, and optimization, with additional exploration potential.

During his visit to the White House this week, Prime Minister Al-Zaidi is seeking substantial U.S. investment in Iraq’s oil, gas, and energy sectors, following the U.S.–Israeli conflict with Iran, which affected crude oil production and regional financial resources.