Several international energy companies signed a series of non-binding agreements and memorandums of understanding (MoU) with Iraqi officials, valued at more than $60 billion, during the US-Iraq Business Summit in Washington, as Iraq seeks to expand investment in its oil and gas sector and diversify its energy export routes, Reuters reported.

The agreements included US oil major Chevron, which signed deals to advance its potential participation in the West Qurna 2 and Nassiriya oilfields, and announced plans to invest in a pipeline to transport Iraqi crude to Syria’s Mediterranean coast, providing an alternative export route that bypasses the Strait of Hormuz.

US independent energy company ConocoPhillips also signed an agreement to acquire a 42% stake in bp Energy of Kirkuk Ltd (bp ECKL), joining UK energy major bP in the redevelopment of four producing oilfields in northern Iraq.

The agreements come as Iraq works to strengthen cooperation with US companies, attract foreign investment, and enhance its long-term energy infrastructure amid ongoing regional geopolitical challenges.