---
title: "3 Energy Stocks Positioned to Benefit From Iraq's Oil Ambitions"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/296899447.md"
description: "Iraq aims to double oil production to 8-10 million barrels per day, prompting investment from major energy firms. Chevron seeks operational control of West Qurna 2 and Nassiriya fields. ConocoPhillips acquired a 42% stake in BP's Kirkuk assets and targets the Akkas gas field. ExxonMobil is returning to develop the Majnoon oilfield after previously exiting. These moves position these stocks to benefit from Iraq's expanded output ambitions."
datetime: "2026-08-25T10:45:13.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/296899447.md)
  - [en](https://longbridge.com/en/news/296899447.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/296899447.md)
generator: "portal-rs"
---

# 3 Energy Stocks Positioned to Benefit From Iraq's Oil Ambitions

Iraq's oil business has always been in the shadow of fellow OPEC member Saudi Arabia, an organization it helped co-found at the Baghdad Conference in 1960. It now wants to come out of the shadows. Iraq recently sent a delegation to Saudi Arabia seeking a higher output quota from OPEC. It has previously warned that it could follow the UAE's lead and leave OPEC if it can't raise its output.

Iraq doesn't just want a small production boost. It wants to grow its production to between 8 million and 10 million barrels per day (bpd) within six years. That's more than double the 4 million bpd it had been producing before the war with Iran slowed oil flows out of the Strait of Hormuz. It would rival Saudi Arabia, which can produce up to 12 million bpd. 

Here are three energy stocks positioned to benefit from Iraq's oil ambitions.

![Two engineers in hard hats inspect an oil pumpjack at sunset.](https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2Nkbi5jb250ZW50LmZvb2xjZG4uY29tL2ltYWdlcy8xdW1uOXFlaC9wcm9kdWN0aW9uL2I1YjkwNGExMjU3ZDU2NjkxYjEwNjgzYjA4NzdkYzllYTg2MmViYjItMTIwMHg2NzUuanBnP3c9MTIwMCZoPTY3NSZxPTc1JmF1dG89Zm9ybWF0Jnc9Mzg0MA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

Image source: Getty Images. 

## Chevron

**Chevron** (CVX -1.06%) could be one of the biggest beneficiaries of Iraq's oil growth strategy. The oil giant has signed memorandums of understanding with Iraq for the West Qurna 2 and Nassiriya oil fields. If it reaches final commercial agreements, it would take operating control of West Qurna 2, one of the world's largest oil fields. It currently produces 460,000 bpd, accounting for nearly 10% of Iraq's production and 0.5% of global oil supply. Meanwhile, Nassiriya is a smaller field today with significant exploration potential. 

Expand

![Chevron Stock Quote](https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0NWWC5wbmcmdz0xMjg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

## NYSE: CVX

Chevron

Today's Change

(-1.06%) $-2.18

Current Price

$203.09

### Key Data Points

Market Cap

$401BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Day's Range

$201.75 - $205.30

52wk Range

$146.49 - $214.71

Volume

9.5K

Avg Vol

8.7M

Gross Margin

18.48%

Dividend Yield

3.47%

Iraq wants Chevron to nearly double West Qurna 2's production to between 750,000 and 800,000 bpd after assuming operational control. The field holds an estimated 13 billion barrels of recoverable resources. Meanwhile, it's targeting an initial capacity of 600,000 bpd from the Nassiriya project within seven years of starting work. Chevron is also evaluating a pipeline project to bypass the Strait of Hormuz. Chevron has significant growth potential in Iraq if it secures final agreements with the country. 

## ConocoPhillips

**ConocoPhillips** (COP -1.13%) is about to enter the Iraqi oil sector. The U.S. oil and gas giant recently agreed to buy a 42% interest in **BP** Energy Company of Kirkuk. This investment will support the ongoing redevelopment of four large-scale fields currently producing in northern Iraq. ConocoPhillips' CEO Ryan Lance noted in the press release announcing the deal that this was a "unique redevelopment opportunity" that provides access to a material, high-quality resource. The redevelopment program would leverage a large existing production base. Iraq estimates that there are more than 3 billion barrels of recoverable oil equivalent in these fields. There's also significant additional exploration potential. 

Expand

![ConocoPhillips Stock Quote](https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0NPUC5wbmcmdz0xMjg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

## NYSE: COP

ConocoPhillips

Today's Change

(-1.13%) $-1.52

Current Price

$133.35

### Key Data Points

Market Cap

$160BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Day's Range

$132.93 - $135.63

52wk Range

$85.57 - $135.88

Volume

3.7K

Avg Vol

7.2M

Gross Margin

27.18%

Dividend Yield

2.52%

The U.S. oil and gas giant is also part of a consortium that has emerged as a potential leader to develop Iraq's Akkas gas field. The field holds an estimated 5.6 trillion cubic feet of gas. Iraq has struggled to advance development due to security concerns and infrastructure constraints. This potential second opportunity shows the company's continued interest in Iraq, which could signal its openness to future deals to help Iraq boost its oil output. 

## ExxonMobil

**ExxonMobil** (XOM -0.64%) was one of the first U.S. oil companies to enter Iraq to develop its oil fields after the U.S. invasion in 2003. However, it left the country in 2023 after transferring operations of the West Qurna 1 oilfield to **PetroChina** due to poor returns and other issues. 

Expand

![ExxonMobil Stock Quote](https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL1hPTS5wbmcmdz0xMjg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

## NYSE: XOM

ExxonMobil

Today's Change

(-0.64%) $-1.06

Current Price

$164.05

### Key Data Points

Market Cap

$675BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Day's Range

$162.25 - $165.22

52wk Range

$108.35 - $176.41

Volume

10.6K

Avg Vol

15.8M

Gross Margin

20.88%

Dividend Yield

2.51%

The U.S. energy giant took a step to return to Iraq last year by signing an agreement to develop its massive Majnoon oilfield and expand the country's oil exports. Majnoon is one of the largest oilfields in the world with an estimated 38 billion barrels of oil in place. The field has yet to deliver anything close to its full production potential due to many issues over the years. However, it could be a major growth driver for Exxon if it secures a binding commercial agreement and succeeds in developing Majnoon. 

## Iraq's oil ambitious could fuel lots of growth for these oil companies

Iraq has never capitalized on the full potential of its oil resources. Its government wants to change that by more than doubling its output within the next six years. It can't do that alone. It needs the technical expertise and capital resources of major Western energy companies. That's opening the door for Chevron, ConocoPhillips, and ExxonMobil to secure deals to help it boost Iraq's output. As a result, it could be a major growth driver for these top oil stocks in the coming years.

### Related Stocks

- [XOM.US](https://longbridge.com/en/quote/XOM.US.md)
- [CVX.US](https://longbridge.com/en/quote/CVX.US.md)
- [BP.US](https://longbridge.com/en/quote/BP.US.md)
- [BPH.US](https://longbridge.com/en/quote/BPH.US.md)
- [XOMZ.US](https://longbridge.com/en/quote/XOMZ.US.md)
- [XOMX.US](https://longbridge.com/en/quote/XOMX.US.md)
- [COP.US](https://longbridge.com/en/quote/COP.US.md)
- [XOMO.US](https://longbridge.com/en/quote/XOMO.US.md)
- [USO.US](https://longbridge.com/en/quote/USO.US.md)
- [BNO.US](https://longbridge.com/en/quote/BNO.US.md)
- [UCO.US](https://longbridge.com/en/quote/UCO.US.md)
- [00857.HK](https://longbridge.com/en/quote/00857.HK.md)
- [601857.CN](https://longbridge.com/en/quote/601857.CN.md)
- [BP.UK](https://longbridge.com/en/quote/BP.UK.md)
- [HPCD.SG](https://longbridge.com/en/quote/HPCD.SG.md)

## Related News & Research

- [Iraq targets 1mln bpd via Turkey](https://longbridge.com/en/news/296754618.md)
- [Chevron pursues major oil projects in Iraq](https://longbridge.com/en/news/296352040.md)
- [Madison Asset Management LLC Makes New Investment in ConocoPhillips $COP](https://longbridge.com/en/news/296474042.md)
- [Johnson Financial Group Inc. Takes Position in ConocoPhillips $COP](https://longbridge.com/en/news/296472986.md)
- [Quantbot Technologies LP Takes Position in ConocoPhillips $COP](https://longbridge.com/en/news/296699560.md)

---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**