Chevron increases stake in Iraqi Kurdistan oil

ERBIL - Iraq's semi-autonomous Kurdistan Regional Government (KRG) has awarded the operatorship of a major oil block to U.S. oil giant Chevron, continuing the consolidation of the region's oil sector into the hands of larger, better capitalized oil companies, as tension with the central government over oil rights remains high.

KRG President Massud Barzani met with Chevron Vice President for Business Development Jay Pryor on the sidelines of the World Economic Forum in Davos, Switzerland, where he announced the award.