Iraq Partners with Chevron for Major Nassiriya Oil Expansion

Iraq has reached a preliminary agreement with Chevron for the development of the Nassiriya oil project, involving four exploration blocks and other oil fields. This marks part of Iraq's efforts to attract major oil companies, including TotalEnergies and BP, with improved contract terms for greater investments.

Iraq has announced a preliminary agreement with U.S. oil giant Chevron to develop the Nassiriya oil project. This initiative includes four exploration blocks and additional oil field developments, underscoring Iraq's strategy to enhance its energy sector.

In recent years, Iraq has successfully attracted major oil firms back into the country, reversing a previous exodus. With improved contract terms, TotalEnergies and BP have joined Chevron in committing to major investments exceeding $50 billion.

Prime Minister Mohammed Shia al-Sudani emphasized Iraq's new approach to international oil investments, particularly with U.S. firms, highlighting Chevron's expertise and resources as crucial to this large-scale oil and gas development effort.

(With inputs from agencies.)