BP and ConocoPhillips expected to unveil Iraq energy investments
CNBC reported that the planned announcements come as Washington seeks more Iraqi energy investment and export routes less exposed to Iran-linked disruption.
By Marcus V. Thorne · Markets Editor
· 3 min read
BP and ConocoPhillips are expected to announce multibillion-dollar investments in Iraq on Friday, CNBC reported, citing people familiar with the plans. The commitments are set to form part of more than $60 billion in agreements and memorandums of understanding expected at the U.S.-Iraq Business Summit in Washington, according to CNBC’s Brian Sullivan.
The planned announcements would give Iraq fresh backing from major international energy companies as the United States pushes for more investment in the country’s oil and gas sector. CNBC reported that Washington is seeking to lift Iraqi oil production and diversify export channels that could be affected by regional disruption linked to Iran.
Iraqi Prime Minister Ali Al-Zaidi is expected to meet senior U.S. officials and executives from large energy companies at the summit, according to CNBC. Details of the individual commitments by BP, ConocoPhillips and other companies were not immediately available, but people familiar with the plans told CNBC the investments would run into billions of dollars and could reach tens of billions.
Energy security and export routes
The U.S. effort is tied to the strategic role of Iraqi supply in global energy markets and to concerns over vulnerable transport routes. CNBC reported that the Strait of Hormuz handled roughly one-fifth of global oil before the war broke out and has drawn closer market attention after renewed tensions between the United States and Iran.
For oil producers, export route diversification can reduce dependence on a single maritime chokepoint. A chokepoint concentrates physical delivery risk because a disruption in one passage can affect many cargoes at once, with consequences for shipping schedules, insurance costs and refinery supply chains. CNBC said the U.S. is seeking to reduce the region’s reliance on routes exposed to Iranian disruption.
Iraq has been trying to attract large energy, industrial and services companies as it works to raise oil and gas output and accelerate development of its natural gas resources, according to CNBC. The country holds major hydrocarbon reserves, but project development often depends on foreign capital, technical expertise and long-term operating agreements with international companies.
BP’s existing Iraq footprint
BP has operated in Iraq for decades and has focused in recent years on the Rumaila oilfield, CNBC reported. The company’s own materials describe a history in the country dating back about a century.
In 2025, BP finalized an agreement with Baghdad to redevelop oil and gas resources in Kirkuk, according to company information cited by CNBC. That agreement covered the Baba and Avanah domes of the Kirkuk field and the nearby Bai Hassan, Jambur and Khabbaz fields.
The summit follows meetings in Houston between Al-Zaidi and representatives of Halliburton, Shell, Honeywell, Weatherford and Baker Hughes, according to the prime minister’s office. Those discussions covered investment, technology and potential participation in large energy projects, CNBC reported.
The expected agreements include memorandums of understanding, which typically set out areas for cooperation before final contracts are signed. Such documents can indicate commercial intent without fixing all financing, operating or legal terms. CNBC reported that the specific scale and structure of each company’s planned commitment had not been disclosed.
This story draws on original reporting from CNBC.
