Chevron is set to sign two memoranda of understanding to expand its oil production footprint in Iraq.

Chevron is moving forward with significant upstream investments in Iraq by signing two non-binding memoranda of understanding on Friday. These agreements aim to advance negotiations for the development of the West Qurna 2 oilfield and the Nassiriya project. West Qurna 2 currently produces approximately 460,000 barrels per day, while Nassiriya offers substantial exploration potential. The agreements come as Iraq seeks to diversify its export routes to reduce reliance on the Strait of Hormuz. Chevron is collaborating with Baghdad on technical studies for new export pipelines that could transport crude to the Mediterranean. The United States has supported the rebuilding of the Kirkuk-Baniyas pipeline to provide Iraq with a strategic insurance policy against future supply disruptions. Iraqi Prime Minister Ali al-Zaidi will sign the documents in Houston following a series of meetings with President Trump in Washington. The administration continues to support American companies in securing these long-term growth platforms in one of OPEC's largest producing nations.

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