Iraq's Oil Ambitions Spark Deals with Global Energy Giants

The government of Iraq is seeking to nearly double its oil production within six years and has signed several deals with major energy companies, including Chevron, ConocoPhillips, and ExxonMobil.

Chevron has memorandums of understanding for the West Qurna 2 and Nassiriya oil fields and could take operating control of West Qurna 2, which produces nearly 10% of Iraq's current output. The company aims to increase production at the field from 460,000 barrels per day (bpd) to between 750,000 and 800,000 bpd.

ConocoPhillips has agreed to buy a stake in BP Energy Company of Kirkuk, which will support 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.