U.S. energy companies, including ConocoPhillips, Chevron, and HKN, signed multiple oil and energy-related deals with Iraq this week during an event at the U.S. Chamber of Commerce. The agreements come during Iraqi Prime Minister Ali al-Zaidi’s visit to the United States, which included a meeting with President Donald Trump at the White House on Tuesday.
One major announced deal involves ConocoPhillips acquiring a 42% stake in an Iraqi unit from BP, as part of billions of dollars in new investments in Iraq. Separately, Iraq and Syria have signed an agreement to restore an oil pipeline that would provide an alternative route to the Strait of Hormuz, a critical chokepoint for global energy supplies.
U.S. officials have framed these energy investments as part of a broader strategy to diversify global oil supply chains. The timing and focus on Iraq’s oil resources reflect broader geopolitical considerations in the region.
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