Iraq Says It Has Agreed to Chevron Terms for West Qurna 2 Contract

Iraq’s Ministry of Oil said on November 3 that agreements had been reached with Chevron over a contract for the West Qurna 2 oil field, with signing expected before the end of 2026. The agreement had not yet been signed.

Minister Basim Muhammad Khudhair al-Abadi met Tuesday with Chevron Head of Business Development Joe Koch to advance negotiations on the field contract. The ministry said the two sides had agreed on the contract’s terms, while the expected signing date remained before the end of 2026.

West Qurna 2 awaits formal signing

The West Qurna 2 agreement is the central confirmed development supported by the reviewed reporting. Iraq’s oil ministry described the terms as agreed, but the contract remained subject to a future signing, making it an agreement rather than a completed operational award.

The reviewed reports did not disclose the contract’s production terms, duration, investment amount, or financial conditions. They therefore do not establish how much oil Chevron would produce, how much capital the company would commit, or whether production would begin on a specified date.

Nasiriyah and exploration blocks remain under discussion

Negotiations were also continuing over a development contract for the Nasiriyah oil field and four exploration blocks. Unlike West Qurna 2, those matters were described as ongoing discussions, with no agreement or signing reported in the reviewed coverage.

Chevron expressed interest in a long-term partnership involving West Qurna 2 and Nasiriyah. That statement did not amount to a separate agreement for Nasiriyah or the four exploration blocks.

Baghdad signals support for Chevron

Al-Abadi said the ministry would support Chevron and other American companies operating in Iraq and remove obstacles to investment in the oil and gas sector. The meeting was also attended by Karim Yasser, director general of the ministry’s Contracts and Petroleum Licenses Directorate.

The ministry described the meeting as part of efforts to advance the West Qurna 2 negotiations. No specific regulatory approval, final investment decision, or separate investment commitment was disclosed in the reviewed reports.