On Wednesday, major firms scored energy deals with Iraq ahead of the leave of US troops in the coming few months, said to prepare Iraq to achieve its full potential in the energy sector.
On Wednesday, Chevron, General Electric, Baker Hughes, and Honeywell signed the USD8 billion worth of agreements with the Iraqi government ahead of Prime Minister Mustafa Al Kadhimi’s first visit to the White House on Thursday.
US President Donald Trump commented, “We will be leaving Iraq shortly within a few months, a couple of months, hopefully, we are going to be leaving a country that can defend itself."
Under the deal, Chevron will exclusively talk about an exploration, development, and production contract in a major oil field in Iraq’s Dhi Qar Province. The company was also said to discuss exploration work in the Nassiriya field.
Baker Hughes will situate US oil field services and equipment in Iraq. Honeywell will assist the development of the Ar Ratawi gas project, while General Electric will help increase electricity access with new infrastructure at two power plants in the country.
On Thursday, Chevron’s shares tumbled by 1.4%, Baker Hughes’ was down by 3.7%, Honeywell lost 0.4% and GE fell by 1.7% as energy stocks sold off on lower oil prices and weak US economic data.
