Chevron is preparing to sign MoUs with Iraq to advance its potential entry into two major oilfields and support studies of alternative crude export routes, Reuters reported on Thursday.
The MoUs cover the West Qurna 2 and Nassiriya fields, with the West Qurna 2 preliminary agreement aimed at advancing commercial terms toward a final takeover deal, according to a senior Chevron executive.
West Qurna 2 is one of the largest in the world and was nationalised earlier in 2026 to avoid disruptions due to US sanctions on the Russian oil company Lukoil, the former operator. It is currently producing at a rate of about 460,000 bopd.
The Nassiriya agreement encompasses several producing oil fields and four exploration blocks.
Chevron is also continuing talks with Iraq on technical studies and potential pipeline routes that would allow crude exports to bypass the Strait of Hormuz. The work forms part of the Iraqi government’s push to deepen US energy ties, raise oil production and diversify export infrastructure.
“We appreciate the chance to meet with Iraqi leaders and talk about how our expertise in building large oil and gas projects throughout the world can support Iraq as it further develops its abundant energy resources,” Chevron upstream president Clay Neff said in a statement.