ExxonMobil seeks Lukoil stake in Iraq oilfield
US energy giant signals interest in acquiring Lukoil’s share in West Qurna 2 as Russia exits global assets
BAGHDAD, Iraq (MNTV) — ExxonMobil has expressed interest in acquiring Lukoil’s majority stake in Iraq’s West Qurna 2 oilfield, Iraqi oil ministry officials said.
This comes following a series of approaches by the U.S. company as Russia’s sanctions-hit producers move to divest international assets, according to Iraqi news sources.
West Qurna 2, one of the world’s largest oilfields, holds an estimated 13 billion barrels of recoverable reserves and produces about 480,000 barrels per day.
Officials noted that the field accounts for roughly 10 percent of Iraq’s total oil output, making Lukoil’s planned exit a significant development for Baghdad’s upstream sector.
Lukoil declared force majeure on November 4 as U.S. sanctions on Russian oil producers intensified.
Washington has targeted Lukoil and Rosneft for their role in financing the war in Ukraine, with actions that have heavily disrupted Lukoil’s global operations, which represent around 0.5 percent of worldwide oil output.
The company is now reviewing bids for its overseas assets under a U.S. Office of Foreign Assets Control wind-down license.
ExxonMobil’s interest in the Iraqi asset follows earlier evaluations of Lukoil’s holdings in Kazakhstan, including stakes in the Karachaganak and Tengiz projects.
Industry sources cited by Bloomberg said that Abu Dhabi National Oil Company has also shown initial interest in portions of Lukoil’s international portfolio.
ExxonMobil declined to comment on the ongoing discussions, while Lukoil has not responded to requests for comment from international news outlets.
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