Chevron Returns to Iraq with New Deal Covering Exploration and Field Development

Iraqi Prime Minister Mohammed Shia Al-Sudani on Tuesday attended the signing of a principles agreement between the Ministry of Oil and U.S. energy company Chevron. The deal marks a major step in reviving Chevron’s presence in Iraq after years of limited engagement.

The agreement covers four exploration blocks within the Nasiriyah Project, the development of the Balad oilfield in central Iraq, and potential additional fields and projects. During a meeting in Baghdad, Al-Sudani welcomed Chevron Vice President Frank Mount and his delegation, stressing Iraq’s new approach to partnerships with leading international oil firms, especially U.S. companies.

Al-Sudani highlighted Chevron’s role in technology transfer, job creation, and adherence to environmental standards, noting that such collaborations align with Iraq’s wider strategy to expand oil production, strengthen refining capacity, and utilize natural gas more effectively. The Prime Minister also emphasized that the government sees U.S. energy companies as long-term strategic partners.

Chevron, in turn, praised the agreement as a milestone in Iraq’s energy sector. “Iraq is a major producer of crude oil and holds substantial oil and gas resources,” Mount said. “We are confident that Chevron, with its proven track record and expertise, has the resources and technology to help Iraq further develop new energy resources.”

The agreement follows other recent deals with U.S. energy firms. In July, Iraq signed a contract with SLB (formerly Schlumberger) to boost gas production at the Akkas field, aiming to reach 100 million standard cubic feet per day. Earlier this year, Al-Sudani also held talks with Baker Hughes CEO Lorenzo Simonelli to discuss expanding energy technology projects in the country.

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