Iraq Seals Key Deal with U.S. Chevron to Boost Oil Sector

2025-08-20 02:22:48

(MENAFN) On Tuesday, Iraq’s Oil Ministry formalized a key agreement with U.S. energy giant Chevron, marking a significant step in expanding the country’s oil industry.

The signing, overseen by Iraqi Prime Minister Mohammed Shia' al-Sudani, centers on the Nasiriyah project. This initiative encompasses four exploration blocks and includes the development of the Balad oil field, alongside other producing fields and exploration zones, according to a statement from al-Sudani’s media office.

Al-Sudani highlighted Iraq’s ongoing efforts to draw international companies to the country, focusing on advancing the oil industry across multiple areas including production, refining, associated and natural gas, and leveraging cutting-edge technologies to enhance this critical sector.

Frank Mount, Vice President of Chevron, expressed the company’s strong interest in Iraq, describing the nation as abundant in opportunities and blessed with extensive natural and human resources.

Oil remains the backbone of Iraq’s economy, accounting for approximately 90 percent of the nation’s revenue through crude oil exports.

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