Iraq’s Council of Ministers has approved measures to expand crude oil export options and accelerate upstream development, including a proposed pipeline linking Iraqi oil production to global markets through the Mediterranean Sea.

The council authorised the Chief Executive Officer of Basra Oil Company to sign a memorandum of understanding with Syria’s Ministry of Energy on establishing the pipeline project, aimed at diversifying Iraq’s export routes.

The government also approved discussions with a consortium comprising ConocoPhillips, TI Capital and NovaTerr to assess the exploration and development potential of the Akkas Field and surrounding areas in western Iraq.

The move forms part of Iraq’s broader strategy to strengthen energy partnerships, increase production opportunities and improve access to international markets.

Meanwhile, Iraq also activated a water resources cooperation framework with Türkiye, with project financing mechanisms set to begin in September 2026. -OGN/TradeArabia News Service