Iraq expects to sign an agreement with U.S. oil company Chevron Corp on Wednesday, Iraqi Foreign Minister Fuad Hussein said, without providing details.
“Regarding the signing of a memorandum of understanding or an agreement with Chevron, I believe that it will be signed today, yes,” Hussein told a joint news conference with U.S. Secretary of State Mike Pompeo.
The Wall Street Journal reported on Monday that Chevron tentatively planned to sign a memorandum of understanding with Iraq to develop one of the country’s large oil fields, citing people familiar with the matter.
Chevron and the Iraqi government are discussing the potential execution of exploration work in Iraq’s southern Nassiriya oilfield, which is estimated to hold about 4.4 billion barrels of crude, the newspaper report said.
On Monday, Chevron said it does not comment on market speculation or matters of a commercial nature.
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