By John Lee. Basra Oil Company (BOC) signed a confidentiality agreement with Chevron of the United States on Wednesday to regulate the exchange of information for the evaluation of the West Qurna 2 oil field, and to negotiate future agreements. According to the Ministry of Oil, West Qurna 2 is one of Iraq's giant oil […]
By James Drummond, for Arabian Gulf Business Insight (AGBI). Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraq urgently needs to find ways of getting its oil to market Iraq is planning to triple crude oil export volumes via pipeline, according to the […]
By John Lee. The Iraqi government has confirmed tax settlement arrangements related to operations at the West Qurna 2 oil field, as part of broader contractual and financial adjustments. Under the decision, North Oil Company (NOC), as the government partner in the contract, will settle the tax obligations in accordance with Decision No. 41 of […]
By John Lee. The Iraqi government has reviewed a proposed settlement with Lukoil following its withdrawal from the West Qurna 2 field. The discussions took place during a meeting chaired by Prime Minister Mohammed Shia Al-Sudani, with the participation of Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani Al-Sawad, Finance […]
By John Lee. Chevron has received approval from Iraq's Council of Ministers for the final terms and conditions of a framework agreement with the Ministry of Oil concerning the management and operation of the West Qurna 2 oil field. According to the Prime Minister's Office, the agreement is between the Ministry of Oil, represented by […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Preliminary Assessment of MoO-Chevron Agreements On February 23, 2026, the Ministry of Oil (MoO) website published a very brief statement indicating the signing of bilateral and trilateral settlement and framework agreements with […]
By John Lee. Preliminary principles agreements have been signed covering the transfer and development of several oil fields in southern and central Iraq. The first agreement was signed between Basra Oil Company (BOC) and US oil major Chevron for the transfer of management of the West Qurna 2 field. A second agreement was signed between […]
By John Lee. Iraq's Council of Ministers has approved an amicable settlement with Lukoil to transfer petroleum operations at the West Qurna 2 field to Basra Oil Company (BOC). The settlement addresses outstanding matters relating to invoices and the employment of foreign staff, subject to certification by a reputable external auditor. It also designates the […]
By John Lee. Energy Intelligence reports that Iraq's state-owned Basra Oil Company (BOC) has subcontracted management of the West Qurna-2 oil field to a consortium of Italian engineering firm Bonatti and local firm Hilal al-Basra [Crescent Basra]. West Qurna-2, operated by Lukoil under a service contract, is fully state-owned. Following recent US sanctions on Lukoil […]
By John Lee. Russia's Lukoil has signed an agreement with US investment company Carlyle for the sale of LUKOIL International GmbH, a wholly owned subsidiary that holds the its international assets. The agreement is non-exclusive and subject to regulatory approval, including permission from the US Department of the Treasury's Office of Foreign Assets Control (OFAC). Lukoil […]
By Simon Watkins for OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Is Iraq About to Make Its Biggest Geopolitical Pivot in Years? Washington's escalation of sanctions on Russia's top oil firms has opened space for Western majors to re-enter Iraq. Click here […]
By John Lee. The Iraqi Embassy in Moscow has issued a clarification regarding reports that Iraq plans to nationalise the West Qurna-2 oil field, operated by Russia's Lukoil. The embassy confirmed that the field is fully state-owned. Under the 2008 licensing round agreement, Lukoil managed and developed the field and produced oil under a service […]
