What specific oil fields is Chevron negotiating to invest in with Iraq, and what is the current status of those fields?

Chevron is in exclusive talks with Iraq over the West Qurna-2 field—the country’s second-largest oil complex, formerly operated by Lukoil PJSC—and Nasiriyah, a smaller operation with extensive exploration prospects. West Qurna-2 currently produces about 460,000 barrels per day and is now 100% owned by Iraq’s state-owned entity after Lukoil was sanctioned by the US in 2025. The accords to be signed on Friday are likely non-binding but signal Chevron’s commitment to eventually signing commercial agreements for both fields.

Why is Iraq seeking alternative oil export routes like the Kirkuk-Baniyas pipeline, and what role is Chevron playing in that effort?

Iraq seeks alternatives to the Strait of Hormuz due to repeated closures—including a recent multi-day shutdown following fresh US and Iran strikes—which caused the biggest energy supply disruption in history earlier this year and severely strained government finances. Chevron is part of a consortium of US and international companies exploring the potential to revive the long-defunct Kirkuk-Baniyas pipeline, a 500-mile conduit running through Syria to the Mediterranean coast, to help Iraq export oil while avoiding the Persian Gulf chokepoint.

Chevron to Sign Oil Investment Accords With Iraq on Friday

Jul 16, 2026

Chevron plans to sign investment accords with Iraq for the West Qurna-2 and Nasiriyah oil fields. The company is also exploring pipeline projects to bypass the Strait of Hormuz amid regional tensions.

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