ConocoPhillips Joins Iraq’s Oil Revival | Business and Finance News

ConocoPhillips is betting big on Iraq, securing a 42% stake in BP’s Kirkuk operations to tap into some of the Middle East’s most lucrative oil fields—Baba, Avanah, Bai Hassan, Jambur, and Khabbaz—with over 3 billion barrels of recoverable oil equivalent. Unlike flashy acquisitions, this equity deal ties ConocoPhillips’ profits directly to production and cost savings, minimizing upfront risk while boosting long-term returns. Set to close by end of 2026, the move strengthens Conoco’s global footprint and supports Iraq’s oil revival, fitting a broader industry trend toward smart, low-cost, proven assets as demand stays strong. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/212290642620303c