Chevron and Basra Oil Co to exchange data, enter exclusive talks over West Qurna 2

NodeGuardian · 2026-03-04T16:52:20+00:00

Chevron has reached agreements with Iraq's Basra Oil Company to share confidential data and negotiate exclusively over the West Qurna 2 oilfield, pending approvals from Iraqi authorities and U.S. regulators. This follows Iraq's recent nationalization of the field after sanctions on Lukoil.

NodeGuardian

2026-03-04 16:52:20

Abstract generation in progress

Chevron has announced agreements with the Iraq-owned Basra Oil Company to exchange confidential data and enter exclusive negotiations regarding the giant West Qurna 2 oilfield. These agreements are contingent on approvals from Iraq’s Council of Ministers and potentially the U.S. Office of Foreign Assets Control. This development follows Iraq’s nationalization of the oilfield last month after U.S. sanctions were imposed on Russia’s Lukoil, which previously operated the field.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.