The Prime Minister sponsors the signing ceremony of two preliminary memorandums of understanding with Chevron.
The Prime Minister sponsors the signing ceremony of two preliminary memorandums of understanding with Chevron.
2026-02-23
Prime Minister Mohammed Shia Al-Sudani sponsored the signing ceremony on Monday of two preliminary agreements, the first between the Basra Oil Company and the American company Chevron to transfer the management of the West Qurna/2 field, and the second with the Dhi Qar and North Oil Companies, to develop the Nasiriyah field and the four exploration blocks in Dhi Qar Governorate, in addition to developing the Balad field in Salah al-Din, which included amending the previous agreement by adding the Nasiriyah field to it. The signing ceremony took place in the presence of the US Special Envoy to Iraq, Tom Barrack, and the Chargé d’Affaires, Joshua Harris.
The Prime Minister also pointed to the importance of these agreements in completing the reforms of the oil sector, and the positive impact on raising the economic and living standards in the governorates of Dhi Qar and Salah al-Din, according to a statement from his media office.
Basra Oil Company and Lukoil had signed a settlement agreement, through which the contract would be temporarily transferred to Basra Oil Company and all financial dues between the two parties would be settled. This settlement would be effective from the date of its approval by the Council of Ministers.
A framework agreement was also signed between Basra Oil Company, Lukoil and Chevron, under which the contract is temporarily transferred to Basra Oil Company, which will transfer it to Chevron after completing the negotiation and agreement on the terms of the new contract. This agreement guarantees exclusive negotiation rights for one year to Chevron, according to the standards agreed upon between the two parties.
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