Iraq signs agreement with Chevron to develop oil fields

The Iraqi government has signed an agreement in principle with US energy giant Chevron to develop several major oil projects, including the Nasiriyah field -- which consists of four exploration blocks -- as well as the Balad oil field and additional exploration sites.The agreement was concluded between the Iraqi Ministry of Oil and Chevron under the auspices of Prime Minister Mohammed Shia Al Sudani, who hosted Chevron Vice President Frank Mount and his delegation in Baghdad.Al Sudani welcomed Chevron's return to Iraq, noting that his government has adopted a new approach toward major international energy companies, particularly American firms, with the aim of encouraging investment and strengthening partnerships.He underlined that Iraq's relationship with the United States is "strategic," and said his administration is committed to creating conditions that attract global companies to invest in Iraq's oil and gas sector.The prime minister also highlighted Iraq's priority of boosting crude production, modernizing refining capacity, investing in associated and natural gas, and deploying advanced technologies to upgrade the industry.Mount, for his part, expressed Chevron's commitment to a long-term partnership with Iraq, describing the country as rich in both natural resources and human potential. He affirmed that the company plans to bring modern technology and international expertise to support Iraq's energy development goals.