Iraq is about to sign a MoU with Chevron for oil exploration in Dhi Qar Governorate


Two years ago, Chevron had begun talks with Iraq to explore oil in Dhi Qar province. These talks have recently resumed with officials of the Iraqi Oil Ministry.

In case of an agreement, the deal is expected to be announced days later during a scheduled visit to Washington by the new Iraqi Prime Minister Mustafa Al-Kazemi to meet with US President Trump.

The major American oil company seeks to exploit the collapse of oil prices this year to secure access in Iraq to “important and high-quality reserves” at a lower cost.

Iraq is the second largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia.

According to updated estimates issued by BP, Iraq’s average production rate for the year 2019 is about 4.8 million barrels per day, while its proven reserves of oil on 1/1/2020 were about 145 billion barrels.