Iraq signs energy deal with US oil giant Chevron
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Iraq signed a principles agreement with Chevron to develop oil fields, including al-Nasiriya and Balad, marking the US firm’s return after years away.
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A man near the Nihran Bin Omar oil field north of Basra, Iraq, on Wednesday, March 22, 2023 (AP)
Iraqi Prime Minister Mohammed Shia al-Sudani announced on Tuesday the signing of a principles agreement with US energy company Chevron, covering exploration and development projects in several key oil fields.
According to al-Sudani, the deal includes the al-Nasiriya project, made up of four exploration blocks, as well as the development of the Balad oil field, other producing fields, and potential new blocks.
In a statement, the prime minister said the agreement paves the way for advancing exploration and production projects across multiple regions of Iraq, aligning with the government’s strategy to attract greater foreign investment in the energy sector.
Al-Sudani also welcomed Chevron’s return to Iraq after years of absence, stressing that his administration is pursuing a new approach in dealing with major international oil companies, particularly US firms, to boost the country’s energy production and economic growth.
Iraq ends international coalition's mission
This comes after the Iraqi government announced on Sunday that the US-led international coalition’s mission in Iraq will officially end in September 2025, according to al-Sudani's advisor, Hussein Allawi, as reported by the state-run Iraqi News Agency (INA).
Allawi confirmed that the coalition’s presence at its Baghdad headquarters and Ain al-Asad airbase will end in September under an agreement between Iraq and coalition members, in line with the government’s plan to bolster Iraq’s armed forces and transition to bilateral defense partnerships.
“The Iraqi government is committed to its program of building the armed forces and ending the coalition’s mission, while transitioning relations with coalition countries into stable bilateral defense arrangements guided by political, economic, and cultural ties,” the advisor told INA.
Full withdrawal by September 2026
The prime minister's advisor outlined a two-stage timeline agreed upon by Iraq and the coalition, with the initial withdrawal phase scheduled for September 2025 and the full completion targeted by September 2026. He noted that Iraq plans to continue advisory and capacity-building partnerships with international allies beyond that period.
