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].

Group 1: Oil Production in Chad - Perenco has increased its oil production capacity in Chad to over 18,000 barrels per day (bpd), exceeding the initial target of 16,000 bpd set three years ago [1] - The drilling campaign at Badila included 12 new wells, contributing a peak production of 7,000 bpd, with eight horizontal wells targeting the Upper Cretaceous reservoir [2] - The project also involved the installation of four gas turbines for power generation and upgrades to processing facilities to accommodate higher output [2] Group 2: Future Developments and Investments - The GWDC rig has moved to the Krim development in the Doba Basin for an upcoming eight-well campaign [3] - Perenco is constructing Kombi 2 in the Republic of the Congo, expected to produce approximately 7 million cubic feet of gas per day and unlock an additional 10 million barrels of reserves [4] - Kombi 2 is part of a broader $200 million investment, with a larger $900 million long-term program supporting workovers, drilling, and new infrastructure [5] Group 3: Contribution to Overall Output - Perenco's Congo-Brazzaville portfolio contributed 75,000 barrels of oil equivalent per day (boe/d) to the company's output last year, driven by strong performance in various fields and new permits [6]