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Chevron Recently Announced the Company Will Resume Operations in Iraqi Kurdistan

Iraqi Kurdistan was until recently hailed as the last frontier of unexplored oil reserves.

Chevron's spokeswoman recently announced the U.S. oil giant would resume drilling in Iraqi Kurdistan, Iraq's semi-autonomous region and stated drilling would commence, “in the near future.” The spokeswoman also added, “We are taking all necessary steps to remobilize people and equipment to ensure we are well prepared to resume operations” in the region.

Drilling was suspended as recently as October, as Iraqi forces moved in Kirkuk. Chevron, has not produced oil in the region despite owning the mineral rights to several blocks in the country since 2012.

In the last few years, the oil reserves in Iraqi Kurdistan have undergone scrutiny as probable and proven reserves had been disputed by major operators leading to loss in investment and revenue. The recent takeover of Kirkuk by Baghdad has resulted in a tremendous loss of revenue for Kurdistan Regional Government as the oil produced in that region accounted for nearly half of all crude produced from Kurdistan's oil fields. Source: Wall Street Journal 


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