Iraq Signs Early Oil Deal With Chevron
Iraq has reached a preliminary agreement with U.S. oil company Chevron to explore oil in the Nassiriya project. The deal includes four exploration blocks and work on other existing oil fields, according to the Iraqi News Agency.
Chevron’s Vice President, Frank Mount, said the company is eager to operate in Iraq, a country he described as rich in natural resources and opportunities. He added that Chevron will bring advanced technology and expertise to support Iraq’s oil sector.
Prime Minister Mohammed Shia al-Sudani said Iraq has adopted a new strategy to work with major international oil companies, especially U.S. firms.
Back in 2021, Iraq allowed its National Oil Company (NOC) to start talks with Chevron about developing the Nassiriya oilfields in Dhi Qar province, southern Iraq. The plan for this area included major oil, gas, and water projects, with a target to produce 600,000 barrels of oil per day within seven years of starting.
In recent years, Iraq has signed several large deals with global oil companies after a long slowdown in the industry. Better contract terms have drawn in new investments, including more than $50 billion from France’s TotalEnergies and the UK’s BP.
According to OPEC, Iraq’s oil production will rise to 4.2 million barrels per day in September. Iraq’s oil marketer SOMO said this increase is carefully planned and will not impact global prices.
Between March and June, Iraq earned $27.5 billion in oil revenues.
Published: 20th August 2025
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