Chevron signs deal with Iraq for oil exploration and development

NASIRIYAH, August 20, 2025 – The government of Iraq has signed an agreement in principle with Chevron for four exploration blocks and the development of existing oilfields, Reuters reported on Tuesday.

The agreement is part of Iraq’s new wave of engagement with IOCs, following previous deals with TotalEnergies and BP worth over USD 50 billion.

“We are confident that Chevron… has the resources, experience, and technology to support Iraq to further develop new energy resources,” the report quoted Chevron vice-president of corporate business development Frank Mount as saying.

In 2021, Iraq’s National Oil Company was authorised to negotiate with Chevron for oilfield development in Dhi Qar province, targeting an output of 600,000 bopd within seven years.

Prime Minister Mohammed Shia al-Sudani said the country had adopted a new approach to working with global oil producers, particularly US firms.

Chevron is a US-based company with global operations in oil, gas and geothermal energy. It is active in exploration, production, refining and petrochemicals across North America, Latin America, Africa, the Middle East and Asia.

In Iraq, Chevron has been exploring upstream opportunities and has now formalised its involvement through this new agreement on oilfield development.

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