West Qurna-2: Iraq targets Chevron deal by year-end

Shafaq News- Baghdad

Iraq has reached agreements with US energy company Chevron to sign a contract for the West Qurna-2 oilfield before the end of 2026, Oil Minister Bassem Mohammed Khudair Al-Abadi said on Tuesday.

In a statement, Al-Abadi said he discussed the West Qurna-2 contract with Chevron executive Joe Koch, adding that talks would accelerate in the coming days as the two sides worked to finalize the contract ahead of its planned signing.

The Oil Ministry, he said, would support Chevron, ExxonMobil, ConocoPhillips, and other US companies operating in Iraq by addressing obstacles to their investments. The government is also seeking to attract American companies to the oil and gas sectors, benefit from their expertise in field development, and expand technology transfer and workforce training.

West Qurna-2 was previously operated by Russia's Lukoil, which stepped back after US sanctions disrupted its international operations. State-run Basra Oil Company subsequently took over the field on an interim basis while Baghdad negotiated a long-term arrangement with Chevron.

According to the Oil Ministry's estimates, the field contains more than 13 billion barrels of recoverable reserves and produces between 400,000 and 480,000 barrels per day, accounting for nearly 10% of Iraq's total crude output.