Iraq in talks with Chevron and ExxonMobil on major oilfield projects
Iraq is negotiating with Chevron and ExxonMobil on developing major oilfields and infrastructure, according to its oil minister, as reported by INA.
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what happened
Iraq's Oil Minister Bassem Mohammed Khudair Al-Abadi said the country is negotiating with US energy majors Chevron and ExxonMobil over developing large oilfields and related infrastructure. The remarks were carried by the Iraqi News Agency (INA), according to Reuters.
Chevron is in talks over West Qurna 2 after Russia's Lukoil exited due to sanctions, and over four blocks in the Nasiriyah field. ExxonMobil is working under a memorandum of understanding covering Majnoon, export infrastructure and a seawater injection project designed to deliver 2.5 million barrels per day for reservoir pressure.
The minister said Iraq's deals still use a service-contract model, moving from production-sharing toward profit-sharing. Halliburton and HKN Energy contracts have been activated, and ConocoPhillips has an MoU for the Akkas gas field.
why it matters
The story points to growing Western participation in Iraqi upstream development after Lukoil's withdrawal. For markets it is a longer-term supply factor, though project timelines and volumes are not yet set.
market impact
Нефть: long-term Iraqi output growth with Western partners — mild pressure on Brent
tags
instruments
sources
- Iraq in talks with Chevron, ExxonMobil on major oilfield and infrastructure projects — Reuters, 20 October 2026 at 06:27 UTC
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