Iraq Seeks to Activate Chevron and ExxonMobil Deals to Boost Oil Production and Exports

Baghdad, 3 November, (NINA) – Deputy Prime Minister for Energy Affairs Mohsen Al-Mandalawi on Monday stressed the need to finalize and activate contracts and memoranda of understanding with U.S. energy giants Chevron and ExxonMobil to increase Iraq’s crude oil production and boost export capacity.

According to a statement issued by his media office, Al-Mandalawi chaired an expanded meeting at his office on Monday evening, attended by the Ministers of Oil and Electricity, senior officials from the Ministry of Oil, the Director General of the State Organization for Marketing of Oil (SOMO), as well as several undersecretaries and directors general.

The meeting focused on measures to strengthen the capabilities of Iraq’s oil sector, increase crude production and exports, and address challenges arising from the Strait of Hormuz crisis and its impact on oil shipments.

Al-Mandalawi emphasized the importance of completing and activating agreements and memoranda of understanding with the two U.S. companies, noting that such arrangements would help increase crude oil production capacity and raise daily export volumes. Discussions also covered identifying alternative export outlets and routes to ensure the continued flow of Iraqi oil to international markets.

The meeting further reviewed electricity sector requirements, including technical needs for upgrading distribution networks, existing agreements to secure gas supplies, and future plans to develop the power sector ahead of the coming summer season. These efforts, the statement said, are intended to support government priorities and improve the quality of services provided to citizens.

Participants also underscored the importance of accelerating plans to rehabilitate and modernize oil pipelines, alongside developing infrastructure projects at oil fields.

Al-Mandalawi stressed the need to provide the necessary support to international oil companies operating in Iraqi fields and remove obstacles hindering their operations. He called for measures to achieve tangible increases in production capacity within short timeframes, in line with the demands of current challenges./ End