business
BP and ConocoPhillips Set to Announce Major Iraq Energy Deals at U.S.-Iraq Summit
The companies plan to reveal the commitments Friday at the U.S.-Iraq Business Summit in Washington. The summit is expected to produce more than $60 billion in total agreements between U.S. firms and the Iraqi government.
Jul 17, 3:57 AM·1m read1 source
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BP and ConocoPhillips are scheduled to announce billions of dollars of new investments in Iraq on Friday, cnbc.com reported. -Iraq Business Summit in Washington. Iraqi Prime Minister Ali Al-Zaidi will meet senior U.S.
Officials and executives from major energy companies at the summit. The event is expected to feature more than $60 billion in agreements and memorandums of understanding between U.S. companies and the Iraqi government.
The investments by BP, ConocoPhillips and other companies will total billions of dollars and could reach tens of billions, according to people familiar with the plans. Details of the individual commitments were not immediately available. The deals come as the U.S.
Seeks to expand investment in Iraq's energy sector, boost the country's oil production and diversify export routes. The Strait of Hormuz handled roughly a fifth of global oil before the war broke out. BP finalized an agreement with Baghdad in 2025 to redevelop oil and gas resources in Kirkuk, covering the Baba and Avanah domes of the Kirkuk field and the nearby Bai Hassan, Jambur and Khabbaz fields.
The company has a history in Iraq dating back about a century and has focused in recent years on the giant Rumaila oilfield. Al-Zaidi met representatives from Halliburton, Shell, Honeywell, Weatherford and Baker Hughes in Houston on Thursday. The talks covered investment, technology and potential participation in large energy projects, according to his office.
