Iraq and Chevron's Strategic Oil Partnership

Iraq has provisionally signed an agreement with Chevron for the Nassiriya project, involving exploration blocks and producing oil fields. Initiated in 2021, this collaboration with Chevron is part of Iraq's broader strategy to develop substantial oil and gas projects, targeting 600,000 barrels per day capacity.

Iraq has taken a significant step towards enhancing its oil production capabilities by signing a provisional agreement with Chevron. This partnership focuses on the Nassiriya project, which encompasses four exploration blocks and the further development of existing oil fields, according to Iraq's prime minister.

In 2021, Iraq's National Oil Company was given the green light to engage with Chevron, a U.S.-based corporation, to advance oilfield development in the southern province of Dhi Qar. This strategic move is part of a broader initiative aimed at executing major projects in the oil, gas, and water injection sectors, with an ambitious plan to achieve an initial production capacity of 600,000 barrels of oil per day within seven years.

Prime Minister Mohammed Shia al-Sudani has highlighted the Iraqi government's new strategy in engaging with major international oil firms, with a particular focus on U.S. companies, to boost investments in the country's oil sector, as noted by his office.

(With inputs from agencies.)