Chevron and Iraq Agree Key Terms for West Qurna-2 Oilfield Contract, Signing Targeted by Year-End
Reuters reported on November 3, via the Iraqi News Agency, that Iraq and U.S. energy major Chevron have agreed the key terms of a development contract for the West Qurna-2 oilfield, with a formal signing targeted before the end of 2026. Oil Minister Basim Mohammed Khudair Al-Abadi confirmed that the terms had been settled.
West Qurna-2, about 65 kilometres northwest of Basra in southern Iraq, holds recoverable reserves of roughly 14 billion barrels and currently produces about 460,000 to 480,000 barrels per day, around 9 percent of Iraq's total output. Russia's Lukoil, which held a 75 percent stake, declared force majeure in November 2025 after U.S. sanctions took effect, and the state-run Basra Oil Company took over operations in January 2026.
Chevron entered exclusive talks in February 2026 and signed a framework agreement with Basra Oil and Lukoil on February 23; Iraq's cabinet approved the final framework terms in March. Alongside West Qurna-2, the two sides are also discussing the Nasiriyah field and four exploration blocks. For Chevron, a U.S.-listed energy company, the deal would mark a significant return to Iraq's upstream oil sector.
(Source: Reuters)
Source: Reuters
Published by GSM · USA (original Chinese edition)
Photo: 图：欧洲空间局 Sentinel-2A 卫星拍摄的伊拉克南部油田区燃气火炬（2025年12月，巴士拉以西鲁迈拉油田一带；西古尔纳油田位于同一油区）。欧洲空间局，CC BY 4.0，经 Wikimedia Commons。 / Photo: Gas flares in Iraq's southern oilfields imaged by ESA's Sentinel-2A satellite (December 2025, the Rumaila field area west of Basra; the West Qurna field lies in the same oil district). European Space Agency, CC BY 4.0, via Wikimedia Commons.
