COP · News · 20260813N

Middle East Expansion Strategy

CONOCOPHILLIPS · 2026-08-13 · Importance 34 · Surprise 42

ConocoPhillips is expanding its upstream presence in Iraq and Syria as part of a strategy expected to generate additional cash flow. The company agreed to acquire a 42% interest in BP Energy Co. of Kirkuk Ltd., supporting redevelopment of four oil fields in northern Iraq. The reporting characterizes the transaction as a strategic expansion of global exploration and production opportunities, although it does not disclose a purchase price or timing for the expected cash-flow contribution.

Key facts

• ConocoPhillips is expanding its presence in the Middle East specifically in Iraq and Syria, which is anticipated to generate new cash flow. source