Chevron Eyes Iraq Oil Bonanza as Country Aims for Doubling Output

Iraq has ambitious plans to double its oil output within six years, aiming for production levels between 8 million and 10 million barrels per day. This move could have significant implications for Chevron, which recently signed memorandums of understanding with the Iraqi government to enter two oil fields in the country.

The West Qurna 2 oil field is one of Iraq's largest, currently producing 460,000 bpd and accounting for nearly 10% of the country's output. The field holds an estimated 13 billion barrels of oil, and Iraq wants to boost production to between 750,000 and 800,000 bpd after Chevron takes over operations.

Chevron also signed an agreement in principle with Iraq for the Nassiriya project, which includes four exploration blocks and the development of producing fields. The initial production capacity target for this project is 600,000 bpd within seven years of starting work.