U.S. oil giants ExxonMobil and Chevron are back at the negotiation table in Iraq, eyeing fresh opportunities in one of the world’s most oil-rich countries.

ExxonMobil, which pulled out of the massive West Qurna 1 oilfield in 2023, is now in talks with the Iraqi government for a new project. The West Qurna 1 field—currently producing around 550,000 barrels per day—is now operated by China’s state-run PetroChina, but Exxon seems eager to re-establish its presence.

“The company is currently negotiating with Iraq for a new opportunity,” said Bassim Khudair, a senior official in the Oil Ministry. He described the talks as a promising sign of renewed interest from American firms.

Chevron is also in discussions for development rights in the southern Nasiriyah field and the Balad field in central Iraq. Both companies are looking to gain ground in a market where Chinese and Russian firms have recently taken the lead, stepping in after several Western energy majors scaled back.

Meanwhile, British oil company BP has just secured final approval from Iraq to invest over $25 billion in redeveloping major oilfields in Kirkuk. That deal covers not just oil and gas production, but also power, water, and future exploration.

As the second-largest oil producer in OPEC, Iraq is working to boost its production capacity from 4 million barrels per day to over 6 million by 2029, with hopes of reaching 7 million within five years. The country is seeking to attract foreign investment to help meet those goals—and it appears U.S. oil majors are ready to answer the call.