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US Chevron agrees with the Basra Oil Company to implement a memorandum of understanding for the development of oil fields

BAGHDAD, The Basra Oil Company signed with US company Chevron an agreement for the implementation of a memorandum of understanding for the development of oil fields in southern Iraq.

A statement by the Ministry of Oil said that the executives of the two companies signed an agreement that outlines the development program for fields including studies of reservoir survey and extraction."

The agreement provides for the start of work according to stages and scientific steps, including the preparation of preliminary studies of these fields in accordance with scientific steps using modern technology, then work on the establishment of an energy company that can balance among three stages of work is the development of fields and the preparation of reservoir studies, in addition to the transformative or complementary processes such as gas treatment and investment and the establishment of an oil refinery.

The statement said that this project will work to provide employment opportunities for citizens and provide social services to the province."

For his part, the representative of Chevron in Iraq, Majid Hadi said that the company has multiple areas of work with the Ministry of Oil, including in the field of studies and training and development, and the agreement that was signed today is the basis for what will be implemented in the near future of projects to develop oil fields."

The signed memorandum does not hold the Basra Oil Company any financial consequences or liabilities, Chevron has taken the responsibility of preparing the studies and development plans, in consultation and cooperation with the Basra Oil Company in preparation for the preparation of future contracts between them.

Source: National Iraqi News Agency