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(Bloomberg) — ConocoPhillips joined dozens of US firms from the energy, healthcare, finance and tech sectors in signing some $60 billion in deals to lift the Iraqi economy.
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The raft of agreements capped Iraqi Prime Minister Ali al-Zaidi’s weeklong visit to Washington, where President Donald Trump promised “massive” oil deals for one of OPEC’s oldest crude-producing nations. The Iraqi leader was on a mission to attract US investment and recast the country’s image as stable and business-friendly.
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The meetings also come after more than four months of conflict between the US and Iran that has disrupted shipping, industrial activity and economic growth around the Persian Gulf and beyond.
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For the Trump administration, the discussions represented an opportunity to gain influence with Iraq and persuade al-Zaidi to disarm Iran-backed militias in his country. The US president earlier this year warned the Iraqi parliament not to elevate al-Zaidi’s opponent, former Prime Minister Nouri al-Maliki, to the leadership position, saying the latter was too close to Iran.
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“Our goals in the Middle East are to transform a region that’s been riven by too much conflict, and defuse those conflicts and replace them with commerce,” Energy Secretary Chris Wright said during a US Chamber of Commerce event on Friday.
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Halliburton Co., SpaceX’s Starlink, KBR Inc. and JPMorgan Chase & Co. were among the other companies that signed ceremonial agreements on Friday.
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In one of the most significant deals announced Friday, ConocoPhillips agreed to acquire a 42% stake in BP Plc’s giant Kirkuk oil-field complex in Iraq.
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ConocoPhillips’ deal involves an area holding the equivalent of more than 3 billion barrels, plus “additional exploration potential,” the Houston-based driller said in a statement.
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Financial terms were not disclosed but analysts at Barclays Plc estimated the purchase price at about $400 million. ConocoPhillips spokesman Dennis Nuss declined to comment on the terms. International oil explorers typically seek out partners for major projects such as Kirkuk to ease the financial burden and spread out the risks.
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Beyond the ConocoPhillips-BP pact, many of the agreements were considered preliminary or in early phases of development.
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Efforts to increase Iraqi crude output face several challenges, including the war’s disruption of shipping via the Strait of Hormuz, which the country relies upon for most of its exports. Chevron Corp. is part of a consortium looking to build a new pipeline to the Mediterranean to bypass the Persian Gulf.
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The Kirkuk complex currently produces about 328,000 barrels a day, with companies being rewarded for output above that level, Barclays said in a note.
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