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ConocoPhillips has agreed to acquire a 42% stake in UK Oil's giant Kirkuk oil field in Iraq, which is a major positive news for the country that has suffered severe production cuts due to conflicts with Iran. ConocoPhillips stated in a declaration on July 17th that the deal was one of several agreements signed during Iraqi Prime Minister Ali al-Zaidi's visit to the United States. The region involved in the deal contains resources with an equivalent of over 3 billion barrels of oil and possesses "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 dollars.