Chevron returns to Iraq

As part of ongoing efforts to develop the oil industry and attract major international companies, Iraq signed a memorandum of understanding (MoU) with US oil giant Chevron on Tuesday.

Prime Minister Mohammed Shia al-Sudani sponsored the signing ceremony of the agreement between the Ministry of Oil and Chevron, which includes the Nasiriyah project, consisting of four exploration blocks, the development of the Balad oil field, and any other producing oil fields and exploration blocks.

During his meeting with the company’s Vice President, Frank Mount, and his accompanying delegation, Al-Sudani welcomed Chevron’s return to Iraq, noting that the government has adopted a different approach to dealing with major companies, particularly American ones. He also praised the company’s contributions to oil technology transfer, community initiatives, and sound environmental policies in oil projects.

The Prime Minister emphasized that the relationship with the United States is strategic, and that the government is working to develop the oil sector in the areas of production, refining, and investment in associated and natural gas, using the latest technology.

During a meeting, the Coordination Framework commended the government’s policy of opening up to major global energy companies and concluding important agreements as part of diversifying energy export sources.

Earlier on Tuesday, the Ministry of Planning confirmed that the Kurdistan Region had met all the conditions and requirements necessary to commence oil production and export through the State Oil Marketing Organization (SOMO), a step described as significant progress in resolving outstanding issues between the federal government and the regional government.

A statement issued by the ministry stated that Deputy Prime Minister and Minister of Planning, Mohammed Ali Tamim, chaired an expanded joint meeting that included high-level representatives from both sides, including ministers, undersecretaries, and general managers.

The statement explained that the meeting reviewed the overall progress made in the joint files, foremost among which is the oil production and export file, the non-oil revenues file, in addition to the file of localizing the salaries of the region’s employees based on the Federal Court’s decision in this regard.

The matter.

In a later development, the Council of Ministers decided, in its session yesterday, Tuesday, to initially approve the renewal of the decision to finance the salaries of Kurdistan Region employees for the month of June, after taking into account three…conditions.

Alsabaah.iq