The Iraqi Cabinet has assigned the Iraq National Oil Company (INOC) with the task of negotiating with Chevron for developing oil fields located in Nassiriya province in Dhi Qar, a press release issued by Iraq Oil Ministry announced.

The statement elaborated that the Nassiriya project includes the development of four exploratory blocks in the province. It added this project will enhance sustainable national production of oil, which will boost the national economy and sustainable development projects.

The ministry added that it also plans to develop a number of giant projects in the sectors of oil and gas, in addition to water injection in Dhi Qar. The ministry noted that it targets an initial production capacity of 600,000 barrels per day (bbl/d) in seven years after the work starts.

Additionally, these projects will be followed by other solar energy projects for generating electricity, which are expected to improve national production and open new investment opportunities for private companies, the ministry said.