ERBIL, Kurdistan Region - Iraq's state-owned Basra Oil Company (BOC) has signed a non-disclosure agreement with US energy giant Chevron to evaluate one of the country's largest onshore oil fields, the Iraqi oil ministry announced Wednesday, as talks continue to expand production in other provinces amid Russian-owned Lukoil's exit.
"The agreement aims to regulate the exchange of data to evaluate the West Qurna-2 oil field and pave the way for future partnership talks," the ministry said in a statement.
The ministry also noted ongoing negotiations with Chevron to "execute several other energy projects" beyond West Qurna-2, a field capable of producing up to 460,000 barrels per day (bpd) with estimated recoverable reserves of around 13 billion barrels.
Iraqi Oil Minister Basim Mohammed Khudair al-Abadi said "significant investment opportunities" are being offered to Chevron and other oil firms, reaffirming the Iraqi government's commitment to providing "a safe and attractive" environment and removing "any administrative obstacles."
Lukoil has operated West Qurna-2 since 2010 under a development and service contract with the Iraqi government. In November 2025, the company declared force majeure on the field after intensifying Western sanctions on Russian oil entities forced Iraqi authorities to halt all cash and in-kind payments owed to it.
In February, a tripartite agreement brokered between BOC, Lukoil, and Chevron under former Prime Minister Mohammed Shia' al-Sudani saw Lukoil temporarily transfer its 75 percent operatorship stake in the field back to BOC, while granting Chevron exclusive negotiating rights to take it over.
In a joint statement in mid-June, Iraqi Prime Minister Ali al-Zaidi and US Envoy to Iraq and Syria Tom Barrack said negotiations with Chevron would launch to develop the West Qurna-2 and Nasiriyah oil fields "for the benefit of both sides."
The statement also referenced other US companies - including HKN, Western Zagros, and Hunt - set "to resume operations with full security guarantees," alongside plans to lease electricity and liquefied gas tenders to additional US firms.
US oil companies were targeted by Iranian drones and missiles during the nearly six-week war between Iran, Iraq, and Israel, which began in late February and ended in early April.
Iraq remains the world's fifth-largest oil producer.
