The American corporation Exxon Mobil has approached the Iraqi Ministry of Oil with an official proposal to acquire a controlling stake in the Russian company Lukoil at the strategically important West Qurna-2 oil field. The implementation of this deal requires approval from the U.S. Department of the Treasury, which plans to negotiate with Lukoil by December 13. Final approval is mandatory for the completion of the deal.
This is reported by Finway
West Qurna-2: Lukoil’s Key Foreign Asset
The West Qurna-2 field, located 65 kilometers northwest of the port of Basra, is one of the largest in the world and accounts for about 9% of Iraq’s total oil production. Currently, approximately 480,000 barrels of oil are produced here daily, and Lukoil continues its operations at this site, which remains the company’s most valuable asset outside of Russia.
Interests of Other Companies and the Situation in Europe
In addition to Exxon Mobil, other companies are also showing interest in Lukoil’s foreign assets. In particular, three entities from Romania, the European Union, and the United States are vying to acquire Lukoil’s Romanian assets. This includes the Petrotel refinery, a network of gas stations, and an offshore gas perimeter. This indicates increasing competition for the Russian company’s assets in Europe.
At the same time, the United Kingdom has decided to postpone the imposition of sanctions against Lukoil’s international subsidiary. A general license allowing business transactions with Lukoil International under existing and new agreements will remain valid until February 26, 2026.
West Qurna-2, one of the largest oil fields in the world, is Lukoil’s most valuable foreign asset and is located 65 kilometers northwest of the southern port of Basra. The field accounts for about 9% of Iraq’s total oil production. Currently, approximately 480,000 barrels are produced daily. Lukoil continues its operations at the field.
Exxon Mobil’s return to Iraq after exiting the West Qurna-1 project in 2024 coincided with the country’s intensified negotiations with other global energy giants such as Chevron, BP, and TotalEnergies. This is part of Iraq’s strategy to accelerate oil and gas production by attracting foreign investors and implementing more attractive conditions for international companies.