Baghdad agrees to release sensitive proprietary information on West Qurna 2 to US supermajor
US supermajor Chevron is moving to the next stage in the process to take over operatorship of one of Iraq’s largest oilfields, West Qurna 2.
In a statement released on Wednesday, Iraq’s Ministry of Oil said the field’s current operator, state owned Basra Oil Company (BOC), has signed a confidentiality and non-disclosure agreement with Chevron, providing the supermajor with access to critical information to help it evaluate West Qurna 2.
BOC has been temporarily managing West Qurna 2 since last year after Russia’s Lukoil was unable to continue operating the asset following the imposition of broad US sanctions on the company and its foreign subsidiaries.
Chevron announced in February that it was seeking “competitive” terms after Iraq’s government gave the US supermajor one year to conclude exclusive talks to take over operatorship of the oilfield.
The latest agreement allows BOC to open its data rooms to Chevron and is designed to “regulate the exchange of information for the purpose of evaluating the West Qurna 2 field, and negotiating future agreements”, according to Wednesday’s statement.
For Chevron to make any formal offer to Baghdad to take on operatorship of West Qurna 2 — which has estimated recoverable reserves of over 13 billion barrels — the US company needs access to sensitive and proprietary technical and financial data on the assets, such as seismic surveys, production logs, reservoir models, and cost structures.
Once Chevron and Iraqi authorities agree on the major terms of the West Qurna 2 service contract, the next step would be to sign a final agreement, according to the country’s regulations.
West Qurna 2 produced between about 460,000 barrels per day and 480,000 bpd throughout 2025, according to Iraqi authorities, equivalent to about 10% of the country’s total oil output. Lukoil had been working since 2023 to increase production at the field to about 800,000 bpd.
Iraqi Oil Minister Basim Khudair said authorities in Iraq have opened “significant investment opportunities to international oil majors, including Chevron”, according to the ministry statement.
The ministry reiterated its earlier stance that Iraq aims to provide a safe and attractive investment environment for major international investors and is committed to clearing administrative obstacles to investment.
Since the appointment of new Prime Minister Ali Al-Zaidi at the end of April, authorities in Baghdad have expedited the approval of development contracts with international companies. Al-Zaidi is seeking to increase oil production to generate revenues needed to rebuild the country’s economy and its infrastructure.
The Ministry of Oil said in a separate statement that it also held talks on Wednesday with Qatar’s UCC Holding and US-based investor TI Capital, with Baghdad expecting the two companies to participate in power and infrastructure projects in the country.
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