Iraq's Oil Ambitions Drive Growth for Major Energy Companies

Iraq's oil ambitions are driving growth for major energy companies, including Chevron, ConocoPhillips, and ExxonMobil.

The country wants to more than double its oil output within six years, from 4 million barrels per day (bpd) to between 8 million and 10 million bpd, which would rival Saudi Arabia's production of up to 12 million bpd.

Chevron has signed memorandums with Iraq for the West Qurna 2 and Nassiriya oil fields. If it reaches a final commercial agreement, Chevron would take operating control of West Qurna 2, one of the world's largest oil fields, which currently produces 460,000 bpd.

The company is also evaluating a pipeline project to bypass the Strait of Hormuz and has significant growth potential in Iraq if it secures final agreements with the country.