International Oil Majors Expand Middle East Investments Despite Rising Regional Conflicts

Major international oil companies are accelerating investments across the Middle East to access vast, low-cost reserves despite escalating geopolitical tensions involving Iran. Speaking at the Energy Intelligence Forum in London, executives from Chevron, ConocoPhillips, Shell, BP, and TotalEnergies stated that low production costs and five decades of reserves outweigh regional security risks. Middle Eastern nations like Iraq are offering favorable terms to draw foreign capital, with Chevron nearing an agreement for Iraq's West Qurna oilfield and BP partnering with ConocoPhillips on the Kirkuk oilfields. Energy executives are also scheduled to attend the World Petroleum Congress in Riyadh.