Iraqi oil Ministry inks deal with US energy company
(MENAFN)
Iraq’s Oil Ministry announced on Tuesday that it has reached a preliminary agreement with U.S.-based Chevron.
Iraq’s Oil Ministry announced on Tuesday that it has reached a preliminary agreement with U.S.-based Chevron.
The signing, overseen by Prime Minister Mohammed Shia' al-Sudani, concerns the Nasiriyah project, encompassing four exploration blocks, as well as the development of the Balad oil field and several other producing and exploratory sites, according to a statement from the prime minister’s office.
Al-Sudani highlighted that the government is focused on attracting investment into Iraq’s oil sector, emphasizing progress across production, refining, gas extraction, and implementation of modern technologies to enhance this critical industry.
Chevron’s vice president, Frank Mount, expressed the company’s interest in operating in Iraq, describing the nation as “rich in opportunities and endowed with vast natural and human resources.”
Crude oil remains the backbone of Iraq’s economy, making up roughly 90 percent of national revenue.
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