The US oil giant signed preliminary agreements to negotiate terms and exchange confidential data with state-owned Basra Oil Co over the West Qurna 2 field, Chevron said in a statement. The 480,000 barrels-a-day Iraqi field had also drawn interest from Exxon Mobil Corp and others. Iraqi officials appeared to agree in the case of West Qurna 2. Iraq last week approved a settlement process that would’ve had Lukoil transfer operations of the oilfield to state-run Basra Oil. The move for West Qurna 2 is part of Chevron’s increasing focus on the Middle East in recent months.

Source: The Edge Markets February 24, 2026 02:15 UTC