Shafaq News- Basra

Iraq's Basra Oil Company signed a confidentiality agreement with US energy giant Chevron on Wednesday to exchange technical information for evaluating the West Qurna 2 oil field and advancing negotiations on its future development.

Oil Minister Bassem Mohammed Khudair Al-Abadi, who attended the signing ceremony, noted that Russia's Lukoil had withdrawn from developing West Qurna 2, one of Iraq's largest oil fields, while the ministry continues negotiations with Chevron over the field and other projects.

Al-Abadi said the Oil Ministry is expanding opportunities for international energy companies by providing a secure investment environment and removing obstacles to investment. Iraq aims to strengthen its position among the world's leading oil producers and exporters, he added, reaffirming the ministry's commitment to working with international energy companies, which he described as key partners in developing the country's oil and gas sectors.

Foreign investment, he stressed, would create opportunities for Iraqi businesses, generate jobs, and improve infrastructure and public services in nearby communities through corporate social responsibility initiatives.

Discovered in 1973, the field contains more than 13 billion barrels of recoverable reserves and produces between 400,000 and 480,000 barrels per day, accounting for nearly 10% of Iraq's total crude output.

Read more: Russia’s Lukoil turmoil deepens risks for Iraq’s West Qurna-2 oilfield