BAGHDAD, Aug 20 (NNN-NINA) – The Iraqi Oil Ministry, yesterday, signed a principle agreement with U.S. energy company, Chevron.
Iraqi Prime Minister, Mohammed Shia’ al-Sudani, sponsored the signing ceremony of the deal “regarding the Nasiriyah project, which included four exploration blocks, and the development of the Balad oil field, along with other producing fields and exploration blocks,” a statement by al-Sudani’s media office, said.
Al-Sudani said, the Iraqi government has been working to attract companies to operate in Iraq, while prioritising the advancement of the oil sector, whether in production, refining, associated gas and natural gas production, or the use of the latest technologies to develop this vital sector.
For his part, Chevron’s vice president, Frank Mount, expressed his company’s aspiration to work in Iraq, describing it as a country rich in opportunities and endowed with vast natural and human resources.
Iraq’s economy relies heavily on crude oil exports, which account for about 90 percent of the country’s revenues.– NNN-NINA
