Iraq’s oil ministry said it has reached an agreement with Chevron on a contract to develop the West Qurna-2 oilfield. The final signing is expected before the end of 2026.
The field was previously operated by Russia’s Lukoil and has estimated recoverable reserves of approximately 14 billion barrels.
Iraqi Oil Minister Basim Mohammed Khudair Al-Abadi confirmed the agreement and said the ministry would provide full support to Chevron and other U.S. companies operating in the country. Iraq is seeking to attract American operators and bring advanced technology and expertise to its oil sector.
Discussions are also ongoing with Chevron about the Nasiriyah field and four other exploration blocks.