bp and ConocoPhillips have agreed terms for ConocoPhillips to acquire a 42 per cent interest in BP Energy Company of Kirkuk Limited (BP ECKL), supporting the redevelopment of major oil fields in northern Iraq. 

The partnership covers the Kirkuk area, including Baba and Avanah domes, and Bai Hassan, Jambur and Khabbaz fields, with an initial production phase exceeding 3 billion barrels of oil equivalent. 

bp will remain the majority shareholder and continue as a key partner in the project.