Chevron enters race for Iraqi oilfield West Qurna 2

Shafaq News – Baghdad

Iraq’s Oil Minister Hayyan Abdul Ghani discussed, with a Chevron delegation, the transfer of West Qurna 2 field operations from Russia’s Lukoil, a source told Shafaq News on Monday.

Lukoil declared force majeure at West Qurna 2 on November 19 after Western sanctions disrupted its operations, Reuters reported. Following the declaration, Iraq stopped both cash and crude payments to the company.

In a statement, the Oil Ministry confirmed that the minister received the Chevron team as part of Iraq’s effort to bring in American companies. The ministry last week invited several US firms to enter negotiations for control of the field through a competitive bidding process.

ExxonMobil has also contacted the ministry, according to Reuters, signaling interest in acquiring Lukoil’s 75 percent stake. Exxon previously managed the neighboring West Qurna 1 field before its 2024 exit.

West Qurna 2, discovered in 1973, is one of Iraq’s largest oil fields, producing 400,000 to 480,000 barrels per day, nearly 10 percent of national output. It holds more than 13 billion barrels of recoverable reserves.