Iraq's Oil Ambitions Fuel Growth for Top Energy Stocks
Iraq has ambitious plans to increase its oil production and is seeking partnerships with major energy companies. Chevron, ConocoPhillips, and ExxonMobil are among those eyeing opportunities in the region.
Chevron has signed memorandums of understanding with Iraq for the West Qurna 2 and Nassiriya oil fields. If it reaches final commercial agreements, Chevron would take operating control of West Qurna 2, one of the world's largest oil fields, which currently produces 460,000 barrels per day (bpd).
The field holds an estimated 13 billion barrels of recoverable resources, and Iraq wants Chevron to nearly double its production to between 750,000 and 800,000 bpd. Meanwhile, Nassiriya is a smaller field with significant exploration potential.
ConocoPhillips has agreed to buy a 42% interest in BP Energy Company of Kirkuk, supporting the redevelopment of four large-scale fields currently producing in northern Iraq. The company estimates there are more than 3 billion barrels of recoverable oil equivalent in these fields.