Chevron is negotiating to acquire production stakes in the West Qurna 2 and Nasiriyah oilfields in Iraq. The US supermajor intends to replace Russian competitors currently operating the sites.
West Qurna 2 contains an estimated 13 billion barrels of recoverable oil. This single field accounts for 10% of Iraq's total petroleum output.
The acquisition would expand Chevron's long-term production and reserve replacement capabilities. Chevron's involvement is expected to improve operational efficiency at both Iraqi fields. The partnership aims to help Iraq increase national production to over 6 million barrels per day by 2029.
This expansion follows a mixed Q1 earnings report and reinforces a bullish outlook for the company. Analysts indicate that Chevron's core profit engines are performing strongly. The move highlights the industry-wide competition to replenish reserves amid global supply disruptions.