Iraq Signs Oil Exploration Agreement With Chevron Covering Multiple Fields

Iraq has signed a preliminary agreement with U.S. energy company Chevron to develop four exploration blocks and the Balad oilfield, marking a significant step in boosting the country’s oil production capabilities. Prime Minister Mohammed Shia Al Sudani highlighted a new government strategy that prioritizes partnerships with major international oil firms, especially American ones, to enhance investment in oil, gas, and related sectors. This agreement, welcomed by Chevron Vice President Frank Mount, underscores efforts to transfer oil technology, create jobs, and uphold environmental standards in Iraq's oil projects. The deal aligns with Iraq's broader goal of strengthening its strategic ties with the United States and reducing reliance on Iran for electricity. It follows a similar contract with SLB aimed at increasing natural gas production, reflecting Iraq's ambition to expand energy resources and infrastructure. The partnership with Chevron is part of a larger initiative targeting a production capacity of 600,000 barrels per day within seven years, reinforcing Iraq's position as a major OPEC producer.