Core Viewpoint - Iraq's West Qurna 2 oilfield is set to nearly double its output to 800,000 barrels per day (bpd) as Chevron enters exclusive negotiations to take over operations from Lukoil, enhancing Iraq's oil production capacity and aligning it more closely with Western energy interests [1]. Group 1: Chevron's Involvement - Chevron has secured one-year exclusive rights to negotiate the takeover of West Qurna 2, which could increase output to between 750,000 and 800,000 bpd [1]. - The deal would significantly expand Chevron's operations in Iraq, giving it control of one of the world's largest oilfields, which contributes nearly 10% of Iraq's production and about 0.5% of global supply [1]. Group 2: Iraq's Oil Production Goals - Iraq aims to boost its oil production capacity to over 6 million bpd by 2029, having frequently produced above its OPEC+ targets [1]. - The agreement with Chevron is part of a broader strategy to attract international oil majors, following similar agreements with Exxon, BP, and TotalEnergies, by offering more favorable terms [1]. Group 3: Geopolitical Implications - The Chevron deal may strengthen relations between Baghdad and Washington, especially as it replaces a sanctioned Russian firm, Lukoil, amid ongoing geopolitical tensions related to the war in Ukraine [1]. - Iraq's previous operator, Lukoil, faced sanctions that led to its removal from the West Qurna 2 project, with the field temporarily managed by the state-run Basra Oil Company [1].

Chevron (NYSE: CVX) has entered exclusive talks with the government of Iraq to take control of the massive West Qurna 2 oilfield. The Middle Eastern country nationalized the oilfield last month after the U.S. imposed sanctions on Lukoil to put more pressure on Russia to end its war with Ukraine. The talks could lead to Chevron getting a new contract to operate the oilfield. Here are two key takeaways for oil stock investors. Where to invest $1,000 right now? Our analyst team just revealed what they believ ...

HOUSTON, Feb. 23, 2026 (GLOBE NEWSWIRE) -- KBR (NYSE: KBR) announced today that it has been awarded a major contract by Basra Oil Company (BOC) to provide Integrated Field Management Services (IFMS) for the gigantic Majnoon Oil Field. Located in southern Iraq, Majnoon is one of the world’s largest oil fields, with estimated reserves of over 38 billion barrels. Under the IFMS contract, KBR will provide comprehensive upstream engineering, project and operations management, and maintenance services to enhance ...

Core Insights - Vallourec has been awarded a second contract by TotalEnergies to supply tubular solutions for the drilling of 48 wells as part of the Associated Gas Upstream Project 2 (AGUP2) in Iraq, which is a key component of the Gas Growth Integrated Project (GGIP) [1][2] - The AGUP2 project aims to enhance oil production capacity to 210,000 barrels per day and gas production to 154 million standard cubic feet per day while reducing routine flaring and supporting Iraq's low-carbon energy transition [1][2] - Vallourec will deliver over 30,000 tons of premium tubular solutions for this new phase, including approximately 3,000 tons of anti-corrosion coated Premium Line Pipe products [3] Company Overview - Vallourec is recognized as a global leader in premium tubular solutions, catering to energy markets and demanding industrial applications, including oil and gas wells and new generation power plants [4] - The company employs nearly 13,000 individuals across more than 20 countries, focusing on delivering innovative and competitive tubular solutions [4] Financial and Market Information - Vallourec is listed on Euronext in Paris and is part of several indices, including CAC Mid 60, SBF 120, and Next 150 [5] - The company has established a sponsored Level 1 American Depositary Receipt (ADR) program in the United States, with a parity set at 5:1 between ADR and ordinary shares [5]

Core Points - Hyundai Engineering & Construction (Hyundai E&C) has secured a contract worth Won4.39 trillion ($3.16 billion) to construct a seawater treatment plant in Iraq [1][2] - The project is part of the Common Seawater Supply Project aimed at enhancing crude oil production in Iraq's southern oil fields by injecting seawater into oil reservoirs [1] - The facility will have a daily processing capacity of five million barrels and will be located at Khor Al Zubair Port, approximately 500 km southeast of Baghdad [1][2] Investment and Collaboration - The freshwater generated from the plant will be directed to nearby oil fields, including West Qurna and Rumaila [2] - This initiative involves joint investment from TotalEnergies (France), QatarEnergy LNG, and Iraq's Basra Oil Company [2] - Hyundai E&C anticipates that the construction will be completed within 49 months [2] Historical Context and Future Projects - This contract represents Hyundai E&C's most significant project in Iraq, following the completion of a $6 billion oil refinery in Karbala in 2023 [2] - Hyundai E&C has a history of executing major national projects in Iraq, contributing to economic growth despite challenges such as wars and Covid-19 [3] - In 2023, Hyundai E&C and Hyundai Engineering commenced construction of one of the world's largest petrochemical facilities in Ulsan, South Korea, with completion expected in 2026 [3]

Group 1 - Iraq's oil ministry has signed a joint operation agreement with France's TotalEnergies, QatarEnergy LNG, and Iraq's Basra Oil Company [1]

Core Insights - KBR has secured a two-year renewal of its EPCM contract with Basra Oil Company for the Majnoon Oil Field, emphasizing its commitment to Iraq's energy strategy and sustainable development [1][2] - The contract extension highlights the strong partnership between KBR and BOC, focusing on maximizing production capacity and operational efficiency [2] - KBR's team in Iraq consists of a significant number of local professionals, ensuring effective project execution and alignment with local content requirements [3] Company Overview - KBR provides science, technology, and engineering solutions globally, employing approximately 38,000 people and operating in over 29 countries [4] - The company aims to deliver technology and value-added services to ensure consistent project outcomes and long-term operational success [4]