BP And ConocoPhillips Are Pouring Billions Into Iraq. The Bigger Goal Is Reducing Iran's Energy Influence.

Source: International Business Times

The ConocoPhillips Oil Refinery is seen in Wilmington, California on April 11, 2026. Getty Images 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 energy ties and reduce the region's dependence on routes vulnerable to disruption. The transaction, which is expected to close by the end of the year pending regulatory approvals and customary closing conditions, gives ConocoPhillips exposure to some of Iraq's largest producing oil fields.