Baghdad: The Ministry of Oil confirmed on Wednesday a growing interest from foreign companies to invest and operate in Iraq’s oil sector, highlighting positive indicators of increasing international confidence in the country’s investment environment.

According to National Iraqi News Agency, in a press statement, Deputy Minister of Oil for Extraction Affairs, Bassem Mohammed Khudair, said: “There is a noticeable increase in foreign companies’ interest in investing and operating in Iraqi oil fields, driven by a favorable investment climate.” He noted that “Schlumberger has recently commenced its operations at the Akkas gas field in Anbar Province.”

Khudair added that “Deputy Prime Minister for Energy Affairs, Minister of Oil, Hayan Abdul Ghani, held a meeting in recent days with representatives of Chevron in the Austrian capital, Vienna, to discuss investment opportunities in four exploration blocks within the Nasiriyah oil field.”

Furthermore, Khudair stated that “the talks also included the development project of the Balad field, affiliated with the North Oil Company,” pointing out that “ExxonMobil has expressed its willingness to re-enter the Iraqi market and is currently in negotiations to secure new opportunities within Iraqi oil fields.”

He emphasized that these developments reflect growing global confidence in Iraq’s oil investment landscape and mark a significant step towards strengthening international partnerships and expanding exploration and development activities in the country.