US oil company and IBBC Member Chevron has signed an agreement with Iraq, authorizing Chevron to undertake exploration of oil sites and installations, Oil Minister Jabar al-Luaibi stated.

Chevron has signed a memorandum of understanding (MoU) with Iraq’s Dhi Qar Oil Company (DQOC) and Basra Oil Company (BOC), which additionally includes the provision of financial and technical assistance to improve overall performances.

For years Chevron has been a consistent purchaser of Iraqi crude oil and has provided technical studies, equipment donations and workforce training and development. Chevron has been present in Iraq for over a decade and this agreement reinforces the company’s commitment and future investment plans into Iraq.

 

(Source: Reuters)