Chevron (NYSE:CVX) is set to take Lukoil’s slot at Iraq’s West Qurna 2 field (~460,000 bpd) while pursuing consortium talks to share pipeline risk, after Baghdad relaxed preliminary rules to encourage U.S. firms’—including Chevron’s—broader oil, gas and power involvement.
Previous Week Recap
- Chevron Replaces Lukoil At West Qurna 2: Chevron (CVX) will replace Lukoil at Iraq’s West Qurna 2 field (~460,000 bpd). CVX is discussing joining a consortium to share pipeline project risk rather than assuming sole liability.
- Iraq Eases Rules For U.S. Oil Firms: Iraq ordered Basra Oil Company to ease preliminary agreement rules for U.S. firms, including Chevron (CVX), to boost U.S. oil, gas and power sector participation.
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