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American company ConocoPhillips announced its return to investing in the Iraqi oil sector through a deal to purchase a 42% stake in BP Energy Kirkuk, which manages the development of four oil fields in northern Iraq with recoverable resources exceeding 3 billion barrels of oil equivalent. The agreement involves an investment of approximately $300 to $500 million and aims to rehabilitate the fields and increase production, with financial impacts expected to appear by the end of 2026. This step is part of Iraq's efforts to boost American company participation in the energy sector, diversify investors, and support initiatives to increase oil and gas production and improve infrastructure—especially amid the decline in Western company presence and the rising influence of China in recent years.
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