Chevron has signed an agreement with Iraq’s Basrah Oil Company to develop the giant West Qurna 2 oilfield, replacing Russia’s Lukoil after its withdrawal from the project under US Treasury sanctions.
Iraq’s cabinet is expected to approve Chevron’s role in developing the Nasiriyah, Balad and adjoining fields on Tuesday, expanding the US energy major’s footprint in the country following Russia’s retreat.
The agreement will allow for the exchange of confidential data and sets out a framework for a period of exclusive negotiations…