ConocoPhillips joins BP in Iraq's multi-billion barrel oil field project.

ConocoPhillips agrees to acquire a 42% stake in the giant Kirkuk oil field cluster in Iraq from BP, which is seen as a major positive development for the country that has suffered significant production cuts due to conflicts with Iran. In a statement on July 17, ConocoPhillips stated that the deal was one of several agreements signed during Iraqi Prime Minister Ali Zaidi's visit to the United States. The area involved in the deal holds resources with a capacity of over 3 billion barrels of oil equivalent and has "additional exploration potential." The financial terms of the deal were not disclosed, but analysts at Barclays estimate the acquisition price to be around $400 million.