West Qurna 2 Oil Field at Center of Talks Between Iraq and US Companies After Lukoil Exit
The West Qurna 2 oil field has become the focus of a major shift in Iraq’s energy strategy as the government moves to restructure management of one of its largest oil assets following US sanctions on Russia’s Lukoil.
Iraq’s Ministry of Oil has officially invited US companies exclusively to enter negotiations to manage the West Qurna 2 oil field, after Lukoil declared force majeure on shipments linked to its 75% stake.
Iraq’s state oil marketer SOMO assumed responsibility for crude sales, keeping revenues inside the country, a move that helped ensure continued flows to global markets and eased concerns over supply disruptions.
A government source said the ministry plans to sell Lukoil’s stake in the West Qurna 2 oil field to a US company once the transfer of operational control is finalized, highlighting Baghdad’s pivot toward stronger cooperation with Washington.
Global energy giants including Exxon Mobil and Chevron are reported to be in talks regarding potential roles in managing Iraqi oil fields, as part of broader efforts to enhance production efficiency and long-term output stability.
The Oil Ministry stated that handing management to a US firm would support global market stability, strengthen bilateral economic interests, and secure Iraq’s oil production and market share.
