Iraq signs confidentiality deal with Chevron on West Qurna 2 oil field development

BAGHDAD, Iraq — Iraq has signed a confidentiality agreement with U.S. energy company Chevron covering the development of the West Qurna 2 oil field, with state-run Basra Oil Company acting as the Iraqi party. Under the deal, Chevron will carry out technical and economic assessment work at the field. West Qurna 2 is among the southern oil fields that account for the bulk of Iraq's daily crude output, a cornerstone of the country's energy exports. The confidentiality pact is a step that allows talks between Baghdad and Chevron to move toward a more advanced stage, opening the door to a potential direct investment agreement once Chevron's evaluation is complete. Iraq's Oil Ministry said the agreement is part of ongoing efforts to modernize energy infrastructure and attract foreign investment. The ministry indicated that similar steps would continue as Iraq works to raise production capacity and expand cooperation with international oil companies in the sector.