Iraq Oilfield Partnership

Note: This section contains information in English only.
Source: Dukascopy Bank SA
BP and ConocoPhillips have partnered in a $25 billion joint venture to rehabilitate and redevelop the historic, super-giant Kirkuk oilfield region in northern Iraq. 

The Deal: ConocoPhillips is acquiring a 42% stake in BP's development subsidiary for the project, marking its return to Iraq after more than a decade.

The Goal: The project targets an initial phase to extract over 3 billion barrels of oil equivalent, reviving a crucial field whose output has fallen to 285,000–330,000 barrels per day.

Strategic Context: Backed by the Iraqi government to boost Western investment over Chinese dominance, the deal arrives as Iraq actively looks to secure alternative export routes—such as the Kirkuk–Baniyas pipeline through Syria—to bypass geopolitical chokepoints like the Strait of Hormuz.
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