Chevron is negotiating with the Iraqi government to invest in major oil fields and reconstruct a dormant pipeline to the Syrian coast. The proposal focuses on rebuilding the link from Kirkuk to the Mediterranean port of Baniyas. This infrastructure has remained inactive for over two decades. The shutdown followed the 2003 U.S. invasion of Iraq.
The project aims to create a land-based alternative to the increasingly volatile Strait of Hormuz. This maritime chokepoint currently facilitates the transit of roughly 20% of global oil supplies.
Talks have reportedly been ongoing for 12 to 18 months. The discussions also cover potential investments in Iraq's Nasiriyah and West-Qurna-2 oil fields.
Chevron confirmed the oil field negotiations but has not commented directly on the pipeline project. These preliminary discussions are currently far from being finalized.