Iraq PM Signs Key Oil Agreements with Chevron and Local Companies

Prime Minister Mohammed S. Al-Sudani today presided over the signing of two important agreements in Iraq’s oil sector, aimed at boosting the economy and creating jobs in southern and central governorates.

The first deal allows Chevron, a U.S.-based company, to manage the West Qurna 2 oil field in Basra. The second agreement involves Dhi Qar Oil Company and North Oil Company, focusing on the development of the Nasiriyah field, four new exploration areas in Dhi Qar Governorate, and the Balad field in Salah Al-Din Governorate. The agreements also update a previous arrangement to include the Nasiriyah field.

The ceremony was attended by U.S. officials, including Special Envoy for Syria Tom Barrack and Chargé d’Affaires Joshua Harris, highlighting the international significance of the deals. Prime Minister Al-Sudani said the agreements would help improve Iraq’s oil industry, support local economies, and provide better opportunities for residents in Dhi Qar and Salah Al-Din.

The deals build on earlier agreements with Lukoil, which resolved outstanding payments and allowed for a smooth transfer of management. Under the new agreements, Chevron will operate the West Qurna 2 field temporarily, while Iraq maintains ownership and oversight.

Analysts say these agreements show Iraq’s commitment to modernising its oil sector and attracting international partners, while ensuring local benefits and long-term economic growth.

Source: Iraqi Prime Minister Media Office