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Exxon May Take Over West Qurna 2 While Negotiating Purchase of Lukoil Stake in Iraq; See What Changes in Oil Geopolitics.
Exxon is in negotiations with Iraq to buy Lukoil’s stake in an oil field, according to authorities monitoring the process.
The discussions began after Exxon approached the Iraqi Ministry of Oil in the early days of December in Baghdad to indicate direct interest in the operation.
The topic gained traction because the stake involved belongs to Lukoil, which is trying to divest international assets following sanctions imposed by the United States.
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The initiative comes at a time when the Iraqi government is evaluating new operators for West Qurna 2, one of the largest oil fields in the world, and is seeking partners with the technical capacity to expand production.
Thus, Exxon’s offer has immediately caught the attention of local authorities, who see the company as a strong candidate to assume control.
Gigantic Field Accounts for 9% of Iraq’s Oil Production
The potential transaction carries strategic weight because West Qurna 2 is considered a globally significant asset. Lukoil’s stake is 75% and includes the operation of the field, which currently produces about 470,000 barrels per day.
This volume represents 9% of Iraq’s total oil production, the second-largest OPEC producer, behind only Saudi Arabia.
Moreover, West Qurna 2 accounts for 0.5% of global oil supply, reinforcing its importance for market balance.
Lukoil declared force majeure on the asset after the Iraqi government suspended cash and oil barrel payments.
Meanwhile, Exxon is in negotiations with Iraq to buy Lukoil’s stake in the oil field precisely at a moment when Washington has authorized potential buyers to negotiate with the Russian company until December 13.
Exxon Seeks to Consolidate Return After Leaving West Qurna 1
Exxon’s push for West Qurna 2 marks a significant change in relation to its recent history in the country.
The company operated West Qurna 1 for many years before exiting the project last year.
At the time, the field produced around 550,000 barrels per day, and its 32.7% stake was valued at US$ 350 million by the Basra Oil Company.
As such, Exxon is in negotiations with Iraq to buy Lukoil’s stake in the oil field in a context of strategic repositioning.
In October, the company had already signed a non-binding agreement to help the country develop the Majnoon field.
The rapprochement also occurs amid a series of agreements involving other global companies such as Chevron, BP, and TotalEnergies, as Iraq attempts to accelerate the expansion of its oil and gas production with more attractive conditions for investors.
Iraqi Government Confirms Preference for Exxon in the Competition
The Iraqi Ministry of Oil acknowledged that it invited several American companies to negotiate the potential acquisition of the West Qurna 2 operation.
Although there is a formal bidding process, authorities assert that Exxon emerges as the favorite due to its experience and operational capacity.
According to a senior official in the Iraqi oil sector, “Exxon is our preferred option to replace Lukoil. The company has the capacity and necessary experience to manage such a large and complex field as West Qurna 2.”
Thus, Exxon is in negotiations with Iraq to buy Lukoil’s stake in the oil field at a moment that could redefine the region’s energy geopolitics.
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