West Qurna 2 Oil Field at the Center of US Support for Lukoil Stake Transfer in Iraq
The United States is backing Iraq’s plan to transfer Lukoil’s stake in the West Qurna 2 oil field to an American company, just days before a sanctions waiver on the Russian firm expires.
The West Qurna 2 oil field is one of Iraq’s most strategic assets, accounting for nearly 10% of the country’s crude oil production.
According to official statements, Iraq’s Ministry of Oil has intensified talks with major US companies to acquire the largest share in the West Qurna 2 oil field, aiming to secure production continuity and long-term investment stability in the oil sector.
The US administration prefers that Lukoil’s global assets be transferred to an American entity amid geopolitical shifts and sanctions, a stance that aligns with Baghdad’s efforts to strengthen partnerships with firms possessing strong technical and operational expertise.
Although the ministry has not officially named bidders, Exxon Mobil and Chevron have emerged as leading candidates.
Iraq reportedly favors Exxon, given its previous role in operating the neighboring West Qurna 1 field, while Chevron has also stepped up discussions with Iraqi officials.
Exxon recently returned to Iraq after a two-year absence, signing a preliminary agreement in October to potentially develop the Majnoon field in southern Iraq, reinforcing expectations of a stronger American presence in the country’s oil industry.
