{"success":true,"data":{"id":"104a04ab-a43f-4e09-8fea-4f021cdd5f75","title":"BP, ConocoPhillips to back Iraq with major investments as U.S. seeks to weaken Iran's energy hold","summary":"BP, ConocoPhillips to back Iraq with major investment as U.S. seeks to cut Iran’s energy hold 0 seconds of 0 seconds Volume 90% Press shift question mark to access a list of keyboard shortcuts Keyboard Shortcuts Enabled Disabled Play/Pause SPACE Increase Volume↑ Decrease Volume↓ Seek Forward→ Seek B...","content":"BP, ConocoPhillips to back Iraq with major investment as U.S. seeks to cut Iran’s energy hold \n\n0 seconds of 0 seconds Volume 90%\n\nPress shift question mark to access a list of keyboard shortcuts\n\nKeyboard Shortcuts Enabled Disabled\n\nPlay/Pause SPACE\n\nIncrease Volume↑\n\nDecrease Volume↓\n\nSeek Forward→\n\nSeek Backward←\n\nCaptions On/Off c\n\nFullscreen/Exit Fullscreen f\n\nMute/Unmute m\n\nSeek %0-9\n\n1x 1.5x 2x\n\nListen< 1min\n\nLive\n\n00:00\n\n00:00\n\n00:00\n\n2x 1.5x 1x\n\nKey Points\n\n*   BP and ConocoPhillips are set to announce billions of dollars of new investments in Iraq on Friday.\n*   The announcements are expected during the U.S.-Iraq Business Summit in Washington.\n\nIn this article\n\nFollow your favorite stocks CREATE FREE ACCOUNT\n\nA sign at BP Plc petrol station in London, UK, on Monday, Aug. 4, 2025.\n\nBloomberg | Bloomberg | Getty Images\n\n[BP](https://www.cnbc.com/quotes/BP/) and [ConocoPhillips](https://www.cnbc.com/quotes/COP/) are set to announce billions of dollars of new investments in Iraq on Friday as Washington seeks to bolster the country’s energy sector and reduce the region’s reliance on routes vulnerable to Iranian disruption, according to people familiar with the plans.\n\nThe announcements are expected during the U.S.-Iraq Business Summit in Washington, CNBC’s [Brian Sullivan](https://www.cnbc.com/brian-sullivan/) told [Access Middle East](https://www.cnbc.com/access-middle-east/), citing sources. Iraqi Prime Minister Ali Al-Zaidi will meet senior U.S. officials and executives from major energy companies at the summit.\n\nThe event is expected to feature more than $60 billion in agreements and memorandums of understanding between U.S. companies and the Iraqi government.\n\nThe investments by BP, ConocoPhillips and other companies will be in billions of dollars, and might even be in tens of billions, the people said. Details of the individual commitments were not immediately available.\n\nThe deals come as the U.S [seeks to expand investment](https://www.state.gov/releases/office-of-the-spokesperson/2026/05/sanctioning-iran-aligned-actors-undermining-iraqs-sovereignty-and-exploiting-its-resources)in Iraq’s energy sector, boost the country’s oil production and diversify export routes vulnerable to regional disruption.\n\nThe Strait of Hormuz handled roughly a fifth of global oil before the war broke out and has become an increasingly important focus for energy markets after renewed tensions between the United States and Iran.\n\nBP has a history in Iraq[dating back about a century](https://www.bp.com/press-and-publications/energy-in-focus-magazine/giant-fields-fuelling-bps-growth)and has in recent years focused on the giant Rumaila oilfield. In 2025, the [company finalized an agreement with Baghdad](https://www.bp.com/about-us/what-we-do/bp-worldwide/bp-in-iraq)to redevelop oil and gas resources in Kirkuk, covering the Baba and Avanah domes of the Kirkuk field and the nearby Bai Hassan, Jambur and Khabbaz fields.\n\nIraq is courting some of the world’s largest energy-services and industrial companies as it seeks to expand oil and gas production and accelerate development of its natural gas resources.\n\nAl-Zaidi met representatives from Halliburton, Shell, Honeywell, Weatherford and Baker Hughes in Houston on Thursday, with talks covering investment, technology and potential participation in large energy projects, according to his office.\n\n_— CNBC’s Emma Graham contributed to this report._","source_name":"CNBC","source_url":"https://www.cnbc.com/2026/07/17/bp-conocophillips-to-back-iraq-with-major-energy-investment-.html","url":"https://www.cnbc.com/2026/07/17/bp-conocophillips-to-back-iraq-with-major-energy-investment-.html","author":"Unknown Author","author_name":"Unknown Author","published_at":"2026-07-17T07:57:28.000Z","publication_date":"2026-07-17T07:57:28.000Z","image_url":"https://image.cnbcfm.com/api/v1/image/108289673-1775815842478-gettyimages-2227922173-UK_BP.jpeg?v=1775815890&w=1858&h=1045&vtcrop=y","category":"markets","topic":"markets","tags":[],"political_bias":null,"bias_score":null,"confidence_score":null,"credibility_score":null,"factual_quality":null,"reading_time":3,"word_count":457,"view_count":0,"breaking":false,"breaking_news":false,"ai_analysis":null,"fact_check_status":"unverified","archive_status":"hot"}}