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00:03CanocoPhillips agreed to acquire a 42% stake in BP Energy Company of Kirkuk Limited,
00:08supporting the redevelopment of producing oil fields in northern Iraq, according to CNBC.
00:13The venture holds contracts covering the Baba and Avanah domes of the Kirkuk field
00:17and the nearby Bai Hassan, Jambur, and Khabaz fields.
00:22CanocoPhillips said the assets offer a large,
00:24long-life resource base that meets its investment criteria.
00:27The transaction is expected to close by year-end, subject to regulatory approvals.
00:32The agreement comes as the U.S. seeks to expand investment in Iraq's energy sector,
00:37increase oil production, and diversify export routes vulnerable to regional disruption.
00:42Iraq is also courting major energy and industrial companies for additional projects.
00:46For all things money, visit Benzinga.com.
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