BP, ConocoPhillips to back Iraq with major energy investment
A sign at a BP Plc gas station in London, England on Monday, August 4, 2025.
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blood pressure And ConocoPhillips Washington is set to announce billions of dollars in new investment in Iraq on Friday as it seeks to strengthen the country’s energy sector and reduce the region’s dependence on routes that are vulnerable to Iranian disruption, according to people familiar with the plans.
Announcements are expected during the US-Iraq Business Summit in Washington, CNBC’s Brian Sullivan told Access Middle East, citing sources. At the summit, Iraqi Prime Minister Ali Al-Zaidi will meet with senior US officials and executives of major energy companies.
The event is expected to feature more than $60 billion worth of agreements and memorandums of understanding between US companies and the Iraqi government.
Investments by BP, ConocoPhillips and other companies could be in the billions or even tens of billions of dollars, the sources said. Details of individual commitments were not immediately available.
Deals sound like US aims to expand investment In Iraq’s energy sector, increasing the country’s oil production and diversifying export routes that are vulnerable to regional disruption.
The Strait of Hormuz carried roughly one-fifth of global oil before the war began and has become an increasingly important focal point for energy markets following renewed tensions between the United States and Iran.
BP has a history in Iraq dating back nearly a century and in recent years has focused on the giant Rumaila oil field. In 2025, The company signed an agreement with Baghdad Redevelopment of oil and gas resources in Kirkuk to include the Baba and Avanah domes of the Kirkuk field and the nearby Bay Hassan, Jambur and Khabbaz fields.
Iraq is collaborating with some of the world’s largest energy services and industrial companies as it seeks to expand oil and gas production and accelerate the development of natural gas resources.
Al-Zaidi met with representatives from Halliburton, Shell, Honeywell, Weatherford and Baker Hughes in Houston on Thursday for talks covering investment, technology and potential involvement in major energy projects, according to his office.
— CNBC’s Emma Graham contributed to this report.
