Chevron is considering significant investments in Iraq's oil sector, including preliminary deals to invest in two oil fields. The U.S. energy major is also exploring participation in a consortium to build a pipeline that would connect Iraq's oil-producing regions to the Syrian coast.

This initiative comes as Iraq and other Middle Eastern oil producers seek alternatives to the Strait of Hormuz. The waterway, through which approximately 20% of global oil passed before the Iran war, has been a point of contention, with Tehran previously attempting to exert control over it. This situation has prompted concerns about potential disruptions to oil supply routes.

The proposed pipeline would offer a new export route, potentially bypassing the Strait of Hormuz and mitigating risks associated with its strategic vulnerability. Chevron's potential involvement signals a move towards diversifying oil export infrastructure in the region.