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Prime Minister says Iraq signs an agreement with Chevron for oil exploration projects

Iraq has signed a principle agreement with U.S. oil company Chevron to develop the Nassiriya Project, which includes four exploration blocks and other oil fields. The Iraqi prime minister announced this on Tuesday.

In the last two years, Iraq has signed agreements and has re-established relations with oil majors that had previously withdrawn from the country. The improved contract terms have attracted both

TotalEnergies, France

UK oil giant BP signs new deals

, with an investment totaling more than $50 billion.

In a recent statement, Frank Mount, Chevron’s vice president for corporate business development said: "We're confident that Chevron has the experience and resources to help Iraq develop its new energy resources."

Iraq has authorized the National Oil Company to begin negotiations with Chevron in 2021 regarding the development of oilfields at Nassiriya in the southern province of Dhi Qar.

At the time, the ministry said that its plan for the province included a number of giant projects, including those in the oil, gas, and water sectors. The initial capacity was 600,000 barrels per day of crude oil, and the goal was to complete the project within seven years.

His office reported that Prime Minister Mohammed Shia al-Sudani stated the government had adopted a new strategy in dealing with international oil companies in Iraq and their investments, particularly U.S. firms. Reporting by Jaidaa Taka, Muhammad Al Gebaly, and Sheila Dang. Editing by Tomasz Janowski and Leslie Adler.

(source: Reuters)