Iraq's Oil Ambitions Drive Growth Opportunities for Major Energy Companies

Iraq's oil ambitions are set to drive growth for several major Western energy companies. The country has recently signed deals with Chevron and ConocoPhillips that could help it more than double its oil output within six years.

Chevron, which currently produces nearly 10% of Iraq's oil, is poised to take operating control of the West Qurna 2 field, one of the world's largest. The company aims to nearly double production at this site, while also targeting an initial capacity of 600,000 bpd from the Nassiriya project.

ConocoPhillips is set to enter the Iraqi oil sector after agreeing to buy a 42% interest in BP Energy Company of Kirkuk. This investment will support the redevelopment of four large-scale fields currently producing in northern Iraq, which hold an estimated 3 billion barrels of recoverable oil equivalent.

ExxonMobil, which has previously operated in Iraq but left due to poor returns, is also looking to return with a deal to develop its massive Majnoon oilfield and expand the country's oil exports. This field has significant potential for growth, with an estimated 38 billion barrels of oil in place.