ConocoPhillips announced it has agreed to acquire a 42% stake in bp Energy Company of Kirkuk Limited (bp ECKL), a subsidiary of British Petroleum (bp), supporting the redevelopment of four oil-producing fields in northern Iraq, according to Reuters.

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 US investment in Iraq’s oil, gas, and energy sectors, following the US–Israeli conflict with Iran, which affected crude oil production and regional financial resources.

bp ECKL acts as the dedicated corporate vehicle and primary contractor holding the Development and Production Contract (DPC) with Iraq’s North Oil Company (NOC) and North Gas Company (NGC) to rehabilitate and redevelop several giant oil fields in the Kirkuk region of northern Iraq.