According to a report by Reuters on July 17, at the US-Iraq Business Summit held by the American Chamber of Commerce on July 17, Iraq signed dozens of agreements and memorandums of understanding with Western energy, medical, and technology companies. The total value of these agreements exceeded $60 billion, covering various fields such as oil, natural gas, and oil pipelines. As a member of the Organization of the Petroleum Exporting Countries (OPEC), Iraq hopes to deepen its cooperation with the United States and seek new export routes to bypass the Strait of Hormuz.
Iraq's Prime Minister Zaidy stated that Iraq is implementing a "gate-opening" policy, welcoming all businesses with projects to invest in Iraq without imposing any artificial obstacles.
April 6th, Iraqi busla, Zubeyri Oil Field. IC Photo
American oil and gas giant Chevron has signed an agreement with Iraq to facilitate its entry into the Western Ghurna 2 and Nasiriyah oil fields. Chevron also plans to invest in the construction of a pipeline that will bypass the Strait of Hormuz, transporting Iraqi crude oil to the Syrian Mediterranean coast, thereby reducing dependence on this crucial shipping route. Due to recent regional conflicts, transportation through the Strait of Hormuz has been disrupted, affecting Iraq's oil exports.
ConocoPhillips announced that it will acquire a 42% stake in BP’s Kirkuk Energy Company, in order to participate in the development of four operating oil fields in northern Iraq. BP’s CEO, Mary Meggo, said that Iraq has “extremely impressive” resource potential, which could contribute to enhancing energy security in Iraq and around the world.
Zaydi, who is currently visiting the United States, also met with U.S. President Trump this week. Trump stated that the two countries will establish more cooperation agreements in the future, creating job opportunities for both nations. According to Reuters, this signing indicates that Western energy companies are intensifying their efforts in Iraq, aiming to leverage the region’s rich oil and gas resources and new export routes to reduce the impact of regional tensions on energy supply.
