Intel: Iraq to ink oil deal with Chevron, foreign minister says
The Iraqi government will sign an agreement with American oil company Chevron, Iraq’s Foreign Minister Fuad Hussein said during his visit to Washington on Wednesday.
The Iraqi government will sign an agreement with American oil company Chevron, Iraq’s Foreign Minister Fuad Hussein said during his visit to Washington on Wednesday.
“Regarding the signing of a memorandum of understanding or an agreement with Chevron, I believe that it will be signed today, yes,” Hussein told reporters at a joint briefing with US Secretary of State Mike Pompeo.
Citing Iraqi officials familiar with the deal, The Wall Street Journal reported on Monday that Chevron would carry out exploration work in southern Iraq’s Nassiriya field, which is believed to hold roughly 4.4 billion barrels of crude.
Why it matters: Talks between OPEC’s second-biggest producer and foreign oil companies reportedly stalled last year as a wave of violent anti-government protests swept through the country’s oil-rich south and tensions in the region escalated with the US drone strike that killed Iran’s powerful commander in Baghdad.
