Chevron nears non-binding agreements to develop West Qurna 2 and Nassiriya, potentially its largest upstream investment in years.
Chevron is set to sign memoranda of understanding on Friday for two Iraqi oil projects, West Qurna 2 and Nassiriya, marking a step toward expanding its upstream portfolio. The deals are non-binding but signal progress in negotiations for what could become one of the company’s largest investments in recent years.
West Qurna 2, a southern Iraqi field, currently produces about 460,000 barrels per day after Iraq nationalized the asset earlier this year. The Nassiriya project, though smaller, complements Chevron’s strategy to diversify its Middle East operations and reduce reliance on Strait of Hormuz shipping routes.
The agreements follow months of discussions and could position Chevron as a key player in Iraq’s oil sector, which remains critical to global energy supplies. No immediate market reaction was reported.