Shafaq News - Baghdad

Exxon Mobil has approached Iraq’s Oil Ministry to signal interest in acquiring Lukoil’s majority stake in the massive West Qurna-2 oilfield, marking a major expansion of Exxon’s re-entry into Iraq as Moscow seeks to divest key energy assets under US sanctions.

According to Reuters, Lukoil is trying to shed international holdings after Washington imposed restrictions on the company. The US Treasury has authorized potential buyers to communicate with Lukoil until December 13, though any final transaction would require specific regulatory approval.

Banking sources quoted in the report estimate West Qurna-2’s market value at about $1.6 billion, based on its output and reserves of more than 8 billion barrels. Lukoil holds a 75% operating stake, making it Russia’s largest overseas asset. The field produces roughly 470,000 barrels per day — around 0.5% of global supply and 9% of Iraq’s total output, the second-largest producer in OPEC after Saudi Arabia.

Exxon declined to comment, while Lukoil did not respond to Reuters’ inquiries.

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