BP, ConocoPhillips Partner In Iraq’s Giant Oilfield
The summit is expected to include more than $60 billion in U.S.-Iraq agreements as BP and ConocoPhillips plan major oilfield redevelopments.
- On Friday, BP and ConocoPhillips are set to announce billions in new investments at the U.S.-Iraq Business Summit in Washington, with the event featuring more than $60 billion in agreements between U.S. companies and the Iraqi government.
- Washington seeks to bolster Iraq's energy sector and reduce reliance on export routes vulnerable to Iranian disruption, as the Strait of Hormuz has become an increasingly important focus amid renewed tensions between the United States and Iran.
- ConocoPhillips gains exposure to four producing oil fields in northern Iraq, including the Baba and Avanah domes of the Kirkuk oil field, with the contract containing more than 3 billion barrels of oil equivalent in initial gross recoverable resources.
- Iraqi Prime Minister Ali Al-Zaidi will meet senior U.S. officials and major energy executives at the summit, following his Houston meetings on Thursday with representatives from Halliburton, Shell, Honeywell, Weatherford and Baker Hughes.
- "This unique redevelopment opportunity is well aligned with our disciplined investment framework," CEO Ryan Lance said, as ConocoPhillips expects the transaction to close by year-end 2026, subject to regulatory approvals.
25 Articles
25 Articles
Several U.S. companies reached a series of energy and trade agreements with Iraq this Friday, following a signing ceremony held at the U.S. Chamber of Commerce, in which several of the country’s leading energy companies, such as Chevron, Halliburton, ConocoPhillips and HKN Energy, had an important participation. According to several media reports, ConocoPhillips signed an agreement to explore a natural gas field and another to partner with BP in…
BP And ConocoPhillips Are Pouring Billions Into Iraq. The Bigger Goal Is Reducing Iran's Energy Influence.
ConocoPhillips has agreed to acquire a 42% stake in BP Energy Company of Kirkuk Limited, expanding its footprint in northern Iraq at a time when the United States and Iraq are working to strengthen
BP, ConocoPhillips Partner In Iraq’s Giant Oilfield
ConocoPhillips (NYSE:COP) agreed to acquire a 42% stake in BP Plc’s (NYSE:BP) development subsidiary covering four major oilfields in the Kirkuk region of northern Iraq, with the partnership aiming to rehabilitate and optimize production at a cost of ~$25 billion. The deal brings ConocoPhillips back to Iraq for the first time in over a decade, and aligns with Baghdad’s goal to expand U.S. energy investments. The Development and Production Contra…
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