Iraq’s oil ministry ink principle deal with US
(MENAFN) Iraq’s Ministry of Oil announced on Tuesday that it has reached a preliminary understanding with U.S.-based energy giant Chevron.
The signing took place under the patronage of Prime Minister Mohammed Shia' al-Sudani, who highlighted that the agreement involves “the Nasiriyah project, which included four exploration blocks, and the development of the Balad oil field along with other producing fields and exploration blocks,” according to a statement from his office.
Al-Sudani emphasized that his administration has been striving to draw international companies into Iraq’s energy market, while placing strong emphasis on strengthening the petroleum industry. He noted that the government aims to advance work in areas such as production, refining, gas recovery, and the application of modern technologies to enhance the country’s most critical sector.
Speaking on behalf of Chevron, Vice President Frank Mount shared the company’s enthusiasm, saying Iraq is seen as a land full of promise, rich in both natural wealth and human potential.
Reports highlight that Iraq remains heavily dependent on crude oil, with petroleum exports contributing nearly 90 percent of the nation’s total revenue.
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