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2026-07-18 01:06:12
US energy giant ConocoPhillips has announced its entry into BP's multi-billion-barrel-equivalent oil field project in Iraq. ConocoPhillips has agreed to acquire BP's 42% stake in the supergiant Kirkuk oil field complex in Iraq. This news is a crucial positive signal for Iraq, whose oil production has recently declined sharply due to the conflict with Iran. According to an official statement released by ConocoPhillips on July 17, this transaction is one of several cooperation agreements signed by both sides during Iraqi Prime Minister Ali al-Zaidi's visit to the United States. The block covered by the transaction has proven reserves exceeding 3 billion barrels of oil equivalent and also has considerable potential for further exploration. While the specific financial details of the transaction have not yet been released, analysts at Barclays estimate the acquisition price to be around $400 million.
