Iraqi Cabinet Authorises Talks with Chevron

By John Lee.

The Iraqi Cabinet has authorised the Ministry of Oil to sign a non-binding Memorandum of Principles with US oil company Chevron.

According to a statement from the Prime Minister's office, the agreement would facilitate negotiations on:

• The Nasiriyah Block Project, which includes four exploratory blocks (A, B, C, D);
• The development of the Balad oil field;
• Any further oil fields or exploratory blocks mutually agreed upon.

Chevron announced last week that it has completed its acquisition of Hess Corporation.

(Source: PMO)