Iraq and Chevron near finalising West Qurna 2 development contract by year‑end 2026
+1 new source since this summary was written
Iraq’s Ministry of Oil announced that it has reached agreement on the main terms of a development contract for the West Qurna 2 oilfield with U.S. energy company Chevron, with a formal signing targeted before the end of 2026. The parties also said they will keep talks open on the Nasiriyah field and four additional exploration blocks, which could broaden Chevron’s presence in Iraq. The deal follows Iraq’s push to attract more U.S. investment after Russian firm Lukoil withdrew from the project. The field is estimated to hold about 13 billion barrels of recoverable oil.
Why it matters
The contract would give Chevron operational rights to a major Iraqi oil asset, potentially adding up to 460,000 barrels per day of production to its portfolio. Investors should expect Chevron’s upstream exposure in the Middle East to increase once the agreement is signed, subject to the final terms and any remaining regulatory approvals.
Key facts
- 1Iraq’s oil minister Bassem Mohammed Khudair met with Chevron’s vice‑president of business development, Joe Cook, to discuss the West Qurna 2 contract. iraqinews.com
- 2Both sides agreed to aim for a formal contract signature by the end of 2026. iraqinews.com
- 3The West Qurna 2 field is estimated to contain roughly 13 billion barrels of recoverable reserves. rudaw.net
- 4The field’s potential production capacity is up to 460,000 barrels per day. rudaw.net
- 5Discussions will also continue on the Nasiriyah oil field and four additional exploration blocks. iraqinews.com
- 6Chevron is expected to become the operator of West Qurna 2 before the exclusivity period expires in February. upstreamonline.com
Summary written by AlphAI AI Desk from 5 of 5 sources. Not investment advice. Figures are as stated by the linked sources.