Iraq signs agreement with Chevron to develop oil fields

aljournal August 16, 2018

Baghdad – Journal News

Basra Oil Company signed an agreement with US Chevron on Thursday to set up a joint oilfield development company, along with the construction of an oil refinery.

“The agreement provides for the establishment of an energy company, in addition to developing a study for the development of oil fields and the establishment of an oil refining refinery,” Ihsan Abdul Jabbar, director general of the Basra Oil Company, told reporters on the sidelines of the signing of the contract.

He pointed out that the partnership agreement with Chevron is to establish a relationship between the Ministry of Oil and the Company to develop oil and gas fields, as well as the development of supporting installations, storage and export systems.

It is noteworthy that Iraq currently produces about 4.5 million barrels of oil per day, of which 3.5 million are exported, and works with giant foreign energy companies to raise its production capacity.

The government has recently announced plans to increase the country’s production capacity to 6.5 million bpd by 2022.


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