Chevron set to take over West Qurna 2 field in Iraq
ERBIL, Kurdistan Region – Iraq on Monday signed preliminary agreements paving the way for US energy giant Chevron Corporation to take over management of the massive West Qurna 2 oil field in southern Iraq, marking a major shift in the country’s energy sector.
Prime Minister Mohammed Shia' al-Sudani presided over the signing ceremony in Baghdad, where Basra Oil Company and Chevron concluded a principles-of-agreement document concerning the transfer of the field’s management.
According to a statement from Sudani’s office, the deal follows a prior settlement between Basra Oil Company and Russian oil major Lukoil, which had been operating West Qurna 2. The settlement provides for the temporary transfer of the contract to Basra Oil Company and the resolution of outstanding financial dues between the two parties. The arrangement will take effect once approved by Iraq’s Council of Ministers.
A separate framework agreement was also signed between Basra Oil Company, Lukoil, and Chevron, granting the US firm exclusive rights to negotiate for one year. Under the framework, the contract will be temporarily transferred to Basra Oil Company and later assigned to Chevron once negotiations over the new contract’s terms are finalized.
West Qurna 2 is one of Iraq’s largest oil fields and accounts for nearly 12 percent of the country’s total oil production.
US Special Envoy for Syria Tom Barrack, who attended the ceremony, described the agreement as “a significant milestone for the people of Iraq and for one of America’s leading energy companies.” In a statement posted on X, he said Chevron’s stewardship of the major oil field reflects confidence in Iraq’s stability and economic potential.
Barrack added that American investment aligns with President Donald Trump’s vision of promoting “peace through shared prosperity” in the Middle East, saying the partnership would create jobs and enhance Iraq’s economic resilience.
Prime Minister Mohammed Shia' al-Sudani presided over the signing ceremony in Baghdad, where Basra Oil Company and Chevron concluded a principles-of-agreement document concerning the transfer of the field’s management.
According to a statement from Sudani’s office, the deal follows a prior settlement between Basra Oil Company and Russian oil major Lukoil, which had been operating West Qurna 2. The settlement provides for the temporary transfer of the contract to Basra Oil Company and the resolution of outstanding financial dues between the two parties. The arrangement will take effect once approved by Iraq’s Council of Ministers.
A separate framework agreement was also signed between Basra Oil Company, Lukoil, and Chevron, granting the US firm exclusive rights to negotiate for one year. Under the framework, the contract will be temporarily transferred to Basra Oil Company and later assigned to Chevron once negotiations over the new contract’s terms are finalized.
West Qurna 2 is one of Iraq’s largest oil fields and accounts for nearly 12 percent of the country’s total oil production.
US Special Envoy for Syria Tom Barrack, who attended the ceremony, described the agreement as “a significant milestone for the people of Iraq and for one of America’s leading energy companies.” In a statement posted on X, he said Chevron’s stewardship of the major oil field reflects confidence in Iraq’s stability and economic potential.
Barrack added that American investment aligns with President Donald Trump’s vision of promoting “peace through shared prosperity” in the Middle East, saying the partnership would create jobs and enhance Iraq’s economic resilience.