ConocoPhillips agreed to buy British Petroleum's 42% stake in the giant Kirkuk oil field complex in Iraq. This is a major positive news for a country that has suffered severe production cuts due to the Iran conflict. ConocoPhillips said in a statement on July 17 that the deal was one of several agreements signed by Iraqi Prime Minister Ali Zaidi during his visit to the US. The area involved in the deal contains more than 3 billion barrels of oil equivalent resources and “additional exploration potential.” Financial terms of the deal were not disclosed, but Barclays analysts estimated the purchase price to be around $400 million.

ConocoPhillips agreed to buy British Petroleum's 42% stake in the giant Kirkuk oil field complex in Iraq. This is a major positive news for a country that has suffered severe production cuts due to the Iran conflict. ConocoPhillips said in a statement on July 17 that the deal was one of several agreements signed by Iraqi Prime Minister Ali Zaidi during his visit to the US. The area involved in the deal contains more than 3 billion barrels of oil equivalent resources and “additional exploration potential.” Financial terms of the deal were not disclosed, but Barclays analysts estimated the purchase price to be around $400 million.