BP and ConocoPhillips are set to announce multi-billion dollar investments in Iraq’s energy sector. These deals were unveiled during a U.S.-Iraq business summit.
The American-backed initiative aims to increase Iraq's oil and gas production. This strategy seeks to reduce regional reliance on Iranian energy and counter Tehran's influence.
The investment will upgrade Iraq's energy infrastructure and diversify export routes to mitigate regional instability risks. These agreements are part of a broader $60 billion package between U.S. companies and the Iraqi government.