Iraq's oil minister says Baghdad plans to open new export routes

BAGHDAD, Iraq — Iraq's Oil Minister Basim Mohammed Hadey said the government plans to open new oil and gas export routes, citing the country's reliance on a single transit corridor as incompatible with its reserves. Speaking at a news conference in Washington, Hadey said Iraq has a clear strategy for oil and gas investment and is seeking genuine partnerships with major U.S. companies. Hadey said cooperation with global energy companies, including Chevron and ExxonMobil, is already underway. The Chevron agreement covers development of the West Qurna-2 field, the Nasiriya and Balad blocks, and pipeline projects running from Basra to Turkey's Ceyhan port and Syria's Baniyas port. A consortium of U.S., Qatari and Iraqi companies is also working on a pipeline from Basra to Fishhabur, he said. The minister added that development of the Akaz, Mansuriya and Artawi gas fields to supply power plants is on the agenda, alongside fifth and sixth licensing rounds and new gas licensing areas. He said Iraq is in talks with OPEC and OPEC+ to raise its export ceiling, and that a tripartite agreement has been signed requiring all oil exports from the Kurdistan Region to be channeled through the state-owned SOMO company.