• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 4 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 2 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 5 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 19 hours U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 23 hours Nord Stream - US/German consultations
  • 3 days An Indian Opinion on What is Going on in China
  • 3 days Can Technology Keep Coal Plants Alive and Well?
  • 4 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 7 hours Forecasts for Natural Gas
  • 16 hours Australia sues Neoen for lack of power from its Tesla battery
  • 3 days Storage of gas cylinders
  • 4 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
U.S. Oil Stocks Are Seriously Undervalued Right Now

U.S. Oil Stocks Are Seriously Undervalued Right Now

Oil prices have rallied more…

Rising U.S. Oil Production Unlikely To Spoil OPEC’s Party

Rising U.S. Oil Production Unlikely To Spoil OPEC’s Party

Oil production in America’s largest…

Hedge Funds Cut Bullish Bets On Oil Amid Profit-Taking

Hedge Funds Cut Bullish Bets On Oil Amid Profit-Taking

Portfolio managers reduced their bullish…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Chevron Looks To Iraq For Next Big Oil Investment

U.S. oil giant Chevron Corp (NYSE:CVX) is on the hunt for a new oil investment, and it is looking in the potentially lucrative and unstable area of Iraq.

Chevron is mulling over a memorandum of understanding with the Iraqi government to further explore and develop one of Iraq’s Nassiriya oilfield in the south, according to sources who spoke to the Wall Street Journal.

The size and scope of the potential agreement has not yet been defined, but will likely be a smaller deal defined in terms of hundreds of millions.

The oilfield is a tricky one to explore, according to the WSJ, but estimates peg its holdings at around 4.4 billion barrels of crude.

Currently, the Nassiriya oilfield produces about 90,000 bpd—but the oilfield—and the country in general--has been rocked with protests, adding another layer of risk for the U.S. major to any project undertaken in Iraq.

The investment comes after Chevron’s $5 billion Noble Acquisition, which helped the U.S. major to get its hands on the giant offshore Leviathan gas field at a time when most oil and gas companies are too busy writing down their assets rather than making new investments.

Despite its search for additional investments, Chevron reported a net loss of $8.3 billion for Q2 on the back of impairment charges as oil prices fell and as it pulled entirely out of Venezuela—the latter which resulted in $2.6 billion in writedowns.

The $8.3 billion loss for Q2 compares to earnings of $4.3 billion for Q2 2019.

Chevron also warned in its Q2 report that Q3’s financial results may continue to be depressed.

Chevron did not comment on the potential deal, according to the WSJ.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News