After a period of retrenchment, U.S. companies are making a notable re-entry into Iraq’s oil and gas development—from exploration to infrastructure. Chevron, ExxonMobil, SLB, Halliburton, and others are picking up momentum through key deals and strategic partnerships.
Here’s a snapshot of recent U.S. companies’ involvement in Iraq’s oil and gas sector, emphasizing key developments and agreements:
1. Chevron
-
In August 2025, Iraq signed an agreement in principle with Chevron for the Nassiriya Project—covering four exploration blocks and the development of existing fields in Dhi Qar province. The initiative aims to reach an initial production capacity of 600,000 barrels per day within seven years. In parallel, discussions are ongoing regarding potential involvement in the Balad oil field in Saladin governorate. Chevron’s return marks a renewed strategic engagement under Iraq’s evolving investment approach.
2. ExxonMobil
3. SLB (formerly Schlumberger)
-
SLB secured a contract to develop Phase 1 of the Akkas gas field in Anbar province—after a prior award to a Ukrainian firm was canceled. Additionally, SLB signed an agreement to boost gas production at Akkas, reinforcing a broader U.S. return to Iraq’s energy scene.
4. Halliburton
-
In January 2025, Halliburton finalized a deal to develop the Nahr Bin Omar oilfield, aiming to escalate oil production from 50,000 to 300,000 barrels per day and gas output to 300 million cubic feet per day.
5. Baker Hughes
6. KBR and Other U.S. Energy Infrastructure Firms
-
KBR, along with Transatlantic Petroleum, Honeywell/UOP, Baker Hughes, Emerson, Arc Energy, and GE, are working with RASEP (Baghdad’s energy developer/IPP) on the Nahr Bin Umar mega-project—which includes an LNG export facility near Basra. KBR secured a $12 million engineering contract for the project.