US energy major Chevron has signed a contract with Iraq to help the Oil Ministry raise production capability from its oil fields in Basrah and Dhi Qar governorates.
Chevron will conduct studies and seismic surveys to monitor production activities and prepare technical reports about output efficiency and maximisation from the southern assets, according to a statement on the ministry’s website.
Oil Minister Jabar al-Luiebi is keen to draw on Chevron’s international exploration and production experience before deciding upon investments for the appraisal project, the statement added.
As per the contract, development works could be undertaken for the assets, based upon the results of the seismic and evaluation studies, with Chevron having the provision to stake claim for the project.
Chevron is one of the few international oil companies to be engaged in business in Iraq historically.
MEED reported that the company resumed activity in Iraqi Kurdistan after its operations in the region were disrupted in October 2017.
Chevron is also said to be eyeing a stake in Iraq’s Majnoon oil field, along with France’s Total, following Shell’s departure from the asset.
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