The Iraqi government is intensifying efforts to lure US supermajors ExxonMobil and Chevron. After years of seeing Western IOCs leave, including Exxon, and be replaced by Chinese firms, Iraq wants to turn the tide. It has already signed high-profile agreements with TotalEnergies and BP since 2023. Bringing in either of the US giants would be a significant coup.
This comes amid mounting US pressure on Iraq’s energy sector. Washington is pushing Baghdad hard to restart crude oil exports from the Kurdistan region, in part because US firms operate in the region, but also because of concern that with the export pipeline shut, oil is instead being smuggled across into Iran. The US last month sanctioned a products terminal in Basra on suspicion of facilitating illicit Iranian oil trade (MEES, 18 July), while a March decision to block Iraq from paying Iran for electricity imports has exacerbated this summer’s power crisis (see p15). (CONTINUED - 1170 WORDS)
