(Updates with Chevron comment in the fourth and fifth paragraphs.)
Chevron (CVX) is expected to sign accords with Iraq on Friday that will further the company's negotiations about investing in large oil fields, Bloomberg said Thursday, citing a senior company executive.
The talks are focused on the West Qurna-2 field, which is Iraq's second-largest oil complex, and Nasiriyah, the report said, adding that the accords are likely to be non-binding but will show Chevron's commitment to eventually signing commercial agreements for the fields.
Chevron and other US and international companies are also exploring the potential of building a pipeline for exporting Iraq's oil by avoiding the Strait of Hormuz, the report said.
Chevron is discussing investment in West Qurna 2 and in the Nasiriyah Field with their Iraqi counterparts, a company spokesperson said in an email to.
The company declined to comment on reports about building a pipeline or alternative routes for Iraqi oil.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Price: $183.75, Change: $+2.15, Percent Change: +1.18%