Chevron Corp. will sign non-binding agreements with Iraq on July 17. The deals advance negotiations for investments in the West Qurna-2 and Nasiriyah oil fields.
The partnership includes plans for a new pipeline designed to bypass the Strait of Hormuz. This alternative route aims to secure Iraqi oil exports against regional geopolitical tensions.
The move signals Chevron's expansion in the Middle East as the U.S. government encourages higher production from American energy firms. These projects could significantly increase Iraqi field output and grant Chevron access to substantial new reserves.