ERBIL, Kurdistan Region of Iraq - Iraqi Oil Minister Basim Mohammed Khudair described cooperation with US companies as a “cornerstone” of Iraq’s oil and gas development, saying the ministry is working to remove obstacles and speed up contracts for projects with “major” American firms.

“Cooperation with American companies represents a cornerstone in the development of Iraq’s oil and gas sector, given their technical expertise, high level of competence, and advanced technology,” the minister stated in remarks carried by state media on Saturday.

Khudair said the ministry was working to remove “all obstacles and expedite contracting procedures,” paving the way for projects with “major American firms,” including Chevron, ExxonMobil, ConocoPhillips, Halliburton, and Schlumberger.

“These projects will contribute to the development of oil and gas fields, increased production, and the optimal utilization of natural resources,” he added.

In September, Iraqi Prime Minister Ali al-Zaidi met separately with the heads of US energy giants ExxonMobil and HKN Energy in New York, where they discussed exploring and developing Iraq’s oil fields.

Zaidi also met with ExxonMobil CEO Darren Woods, discussing “exploration and the development of producing fields, with a view to increasing production and the optimal use of Iraq’s oil resources,” according to a statement from the premier’s office.

Iraq’s oil exports and production saw a sharp plunge with the outbreak of the US-Israeli war on Iran in late February, which largely disrupted energy flow through the vital Strait of Hormuz, through which Iraq exports most of its oil.

Iraq exported only 18.6 million barrels of crude oil in March, compared to 99.8 million barrels in February, resulting in nearly $4 billion in lost revenue.