The Iraq's cabinet has approved the final terms and conditions of the framework agreement signed between the Ministry of Oil, represented by Basra Oil Company (BOC) and North Oil Company (NOC), and U.S.-based Chevron Corporation for the management and operation of the West Qurna 2 oil field, according to the Prime Minister's Office.

In February 2026, Zawya Projects reported that Iraq signed two preliminary agreements with Chevron covering the transfer of management of the West Qurna 2 oil field and the development of several key fields.

The giant field pumps nearly 10 percent of Iraq’s crude output and has estimated proven crude deposits of around 14 billion barrels.

Iraq nationalised the field in January after the US imposed sanctions on Lukoil to put pressure on Russia to end its war in Ukraine.

(Writing by N Saeed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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