ConocoPhillips

COP

Market cap $142B

COP plans to buy a 42% stake in BP ECKL and join a $25 billion redevelopment project of four large oil fields in Iraq.

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It will hold 42% of a subsidiary currently 100% owned by BP. That entity covers four oil fields in the Kirkuk region.

In the most recent trading session, ConocoPhillips (COP) closed at $114.71, indicating a +1.66% shift from the previous trading day.

Western energy companies on Friday signed dozens of agreements with Iraqi ‌officials on oil and gas and pipelines as the OPEC member seeks to deepen relations with the U.S. and develop alternatives to the Strait of Hormuz for getting its energy to global markets.

The second-largest regional oil producer after Saudi Arabia is at the center of American efforts this week to rebuild the Middle East.

ConocoPhillips said on ​Friday it had agreed to ‌acquire a 42% stake in BP Energy Company of Kirkuk Limited from ​BP , supporting the redevelopment ​of four producing oilfields in northern ⁠Iraq's Kirkuk area.

HOUSTON--(BUSINESS WIRE)--ConocoPhillips reaches agreement with bp supporting redevelopment of producing oil fields in Iraq.

BP and ConocoPhillips are ​set to announce ‌billions of dollars of new investments ​in Iraq ​on Friday as Washington ⁠seeks to ​bolster the country's ​energy sector and reduce the region's reliance ​on routes ​vulnerable to Iranian disruption, CNBC ‌reported ⁠on Friday, citing sources.

BP and ConocoPhillips are set to announce billions of dollars of new investments in Iraq on Friday. The announcements are expected during the U.S.-Iraq Business Summit in Washington.