Iraq and Chevron agree on West Qurna 2 terms, aim year-end signing

Chevron aims to renew its engagement with Iraq’s energy sector Baghdad (IraqiNews.com) – Iraq’s Ministry of Oil stated on Tuesday that it has achieved an agreement with US energy giant Chevron on major points related to the West Qurna 2 oil field development contract, opening the way for a formal signature by the end of 2026. The statement came during a meeting on November 3 between Iraqi Oil Minister Bassem Mohammed Khudair and Chevron’s Vice President of Business Development, Joe Cook, to discuss the big oilfield. The two sides also agreed to continue conversations for developing the Nasiriyah oil field and four more exploration blocks, which may increase Chevron’s role in Iraq’s energy sector. The move comes at a crucial moment for Iraq, as the nation strives to deepen connections with Western oil corporations despite rising pressure on its energy industry due to interruptions in oil shipments caused by the blockade of the Strait of Hormuz. Over the last six months, Iraq has increased collaboration with American and other foreign energy corporations in order to attract investment, modernize production facilities, and solve issues in the oil sector. Khudair emphasized the government’s commitment to assisting Chevron and other American corporations working in Iraq, including reducing investment barriers and increasing engagement in the country’s oil and gas industries. The Iraqi Oil Minister also emphasized the significance of American experience in oil field development, technological transfer, and training Iraqi experts. Meanwhile, Chevron showed interest in forming a long-term collaboration with Iraq, namely via the West Qurna 2 and Nasiriyah projects. While agreement has been achieved on many sections of the West Qurna 2 contract, the actual development contract has yet to be finalized, with both parties aiming for completion by the end of 2026. The development signals a key step toward increasing American engagement in Iraq’s oil industry as the government seeks to rebuild its energy sector and deal with lingering export issues.