Report: Chevron, French firm sign agreement to pursue oil field in Iraq

Chevron Corp. wants into Iraq.

The San Ramon oil giant and France's Total SA have agreed to jointly develop one of the war-torn nation's largest oil fields, if the Iraqi government allows them, according to a report published Wednesday.

The two companies have signed an agreement to collaborate on the Majnoon field, which lies north of Basra along the Iranian border, the Dow Jones news service reported.

So far, neither company has the Iraqi government's permission to work on the field. Despite intense pressure from Washington, Iraqi leaders have not been able to agree on a framework for sharing the country's vast oil wealth. Development of Majnoon can't begin until Iraq passes a law governing foreign investment in its oil industry.

But by working together early to study conditions at the field, Chevron and Total could have an edge on competitors when Iraq is finally ready to sign development agreements.

Read the rest at the San Francisco Chronicle

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