What are the two oilfields involved in Chevron's upcoming MOUs with Iraq, and what is the significance of West Qurna 2?

The two oilfields involved in Chevron's upcoming memorandums of understanding (MOUs) with Iraq are West Qurna 2 and Nassiriya. West Qurna 2 is described in the news as 'one of the world's largest oilfields' and currently produces about 460,000 barrels per day. In February, Chevron entered exclusive talks with Iraq for West Qurna 2, and the upcoming MOU on Friday is intended to progress commercial terms toward a final agreement for Chevron to take over the oilfield.

What broader strategic objective does Iraq aim to achieve through its U.S. visit and engagement with Chevron?

Iraq's government is seeking to secure U.S. partnerships during its week-long U.S. visit—including meetings with Chevron and President Donald Trump—to help boost its oil output. This effort aligns with the new Iraqi Prime Minister Ali al-Zaidi’s agenda, who took office in May and visited Chevron’s Houston headquarters as part of this diplomatic push. The engagement includes not only MOUs for West Qurna 2 and Nassiriya but also ongoing talks to produce technical studies and evaluate pipeline routes that would transport crude out of Iraq while bypassing the Strait of Hormuz.

Chevron to Sign MOUs with Iraq for West Qurna 2 and Nassiriya Oilfields

Jul 16, 2026

Chevron plans to sign memorandums of understanding with Iraq to advance interests in the West Qurna 2 and Nassiriya oilfields. The deal aims to boost oil output and explore pipeline routes bypassing the Strait of Hormuz.

reuters

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