BP Plc said ConocoPhillips will acquire 42% of its stake in a venture that’s redeveloping Iraq’s giant Kirkuk oil fields. This project marks a significant revival effort for the OPEC heavyweight, which has seen output decline since the Iran war began.
ConocoPhillips will acquire a 42% stake in BP's contract to redevelop Iraq's supergiant Kirkuk oilfield. This move comes as US groups return to Iraq to counter China's growing influence over the OPEC member.
BP has successfully reduced its net debt by up to 13% due to higher energy prices and soaring refining margins. This financial improvement comes in the wake of the ongoing conflict in Iran, which has significantly impacted oil prices.
BP Plc said it expects to book impairments of $1 billion related to its gas and low carbon energy business in the second quarter. This move comes as the energy giant refocuses on oil and gas.
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