What is the nature of the BP–ConocoPhillips partnership in Iraq’s Kirkuk oil fields, and what does it signify for ConocoPhillips’ presence in the country?

BP Plc announced that ConocoPhillips will acquire 42% of BP’s stake in a venture redeveloping Iraq’s giant Kirkuk oil fields — one of the country’s oldest and most significant oilfields. This partnership marks ConocoPhillips’ return to Iraq after more than a decade, as the Houston-based company had previously exited the country. The development and production contract covers an initial phase targeting over 3 billion barrels of oil equivalent, though it remains in early stages and requires further work before actual output can begin.

Why is the Kirkuk oilfield redevelopment important for Iraq and BP’s strategic priorities?

The Kirkuk oilfield redevelopment is a major revival target for Iraq — an OPEC heavyweight whose oil output has declined since the Iran war began — making it strategically vital for restoring national production capacity. For BP, the project aligns with its refocusing on oil and gas, with Iraq viewed as a key region for the London-based company’s fossil fuel investments. The partnership was timed to coincide with Iraqi Prime Minister Ali Al-Zaidi’s US trip, underscoring its diplomatic and economic significance.

BP, ConocoPhillips Partner in One of Iraq’s Oldest Oilfields

Jul 17, 2026

BP and ConocoPhillips announced a partnership to redevelop Iraq's Kirkuk oil fields, targeting over 3 billion barrels of oil equivalent. This deal marks ConocoPhillips' return to Iraq after a decade-long absence amid BP's strategic focus on fossil fuels.

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