First Read Chevron Looking to Grow in Iraq, working on alternate Routes to bypass Strait of Hormuz

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First Read Chevron Looking to Grow in Iraq, working on alternate Routes to bypass Strait of Hormuz

The field accounts for nearly 10% of Iraq's total crude oil production (current 12/26E 13.22 14.26

production at ~460mboe/d). Historically, West Qurna 2 was operated by Russian 12/27E 11.27 12.41

12/28E 12.01 12.40

oil giant Lukoil, but geopolitical and financial pressures have significantly altered

the project's leadership structure. Following U.S. and U.K. sanctions on Lukoil, the Manav Gupta

company declared force majeure on its West Qurna 2 contract. In response, the Analyst

Iraqi Cabinet approved an "amicable settlement" to transfer operational manav.gupta@ubs.com

management of the field to the state-owned Basra Oil Company (BOC) on an +1-212-713 4399

interim basis in order to safeguard production. As part of Baghdad's broader effort Saumya Jain

to attract American energy companies, Chevron entered into a preliminary Associate Analyst

agreement in February 2026 that grants the company an exclusive one-year period saumya.jain@ubs.com

to negotiate commercial terms for the project. If a new agreement is finalized, +1-212-882 0089

Chevron could assume operatorship of West Qurna 2. According to a Reuters, Richard DeDios

Chevron appears to be moving closer to signing an agreement related to the Associate Analyst

future development of the West Qurna 2 field. richard.dedios@ubs.com

+1-212-713 8018

Nassiriya - Nassiriya is another critical, highly strategic oil asset in southern Iraq.

Located in the Dhi Qar Governorate—roughly 200 kilometers northwest of Basra

—it is historically operated by the state-owned Dhi Qar Oil Company (DQOC).

Nasiriyah is estimated to hold 4.4 billion barrels of recoverable crude oil. Similar to