Overview
- On Friday, July 17, Iraq and Chevron announced non‑binding memoranda of understanding to develop the West Qurna‑2 and Nassiriya oilfields while Chevron joined consortium studies of overland export routes to the Mediterranean.
- ConocoPhillips confirmed a deal to buy a 42% stake in BP Energy Company of Kirkuk Limited to help redevelop four producing fields in northern Iraq with closing expected by the end of 2026 subject to approvals.
- Consortium studies now include reviving the long‑idle Kirkuk‑Baniyas line and routes from Basra toward Turkey’s Ceyhan, but the work is technical and exploratory rather than a construction contract.
- Analysts and officials warn major obstacles remain: final commercial terms, project financing, security clearances, demining, port and insurance issues, and multi‑year reconstruction timelines.
- The moves aim to restore Iraqi exports and jobs by bypassing the Strait of Hormuz after shipments fell sharply this year, and they signal stronger U.S. diplomatic and industry involvement in Iraq’s energy sector.