The American company Exxon Mobil has approached the Iraqi Ministry of Oil with an initiative to acquire a controlling stake in the Russian company Lukoil at the large oil field West Qurna-2. The completion of the deal requires approval from the U.S. Department of the Treasury, which must negotiate with Lukoil by December 13.
This is reported by Business • Media
Lukoil’s Major Foreign Assets and Exxon Mobil’s Interest
West Qurna-2 is one of the largest oil fields in the world and Lukoil’s primary foreign asset. This field is located approximately 65 kilometers northwest of the southern Iraqi port of Basra. West Qurna-2 accounts for about 9% of all oil produced in Iraq, with current daily production at around 480,000 barrels. Despite changes in ownership, Lukoil continues its operational activities at this field.
Exxon Mobil was previously the operator of the neighboring West Qurna-1 project for a long time but left it last year. The company is now showing renewed interest in the Iraqi market, which is linked to new agreements Iraq has made with international energy giants such as Chevron, BP, and TotalEnergies. The Iraqi authorities aim to stimulate the development of the oil and gas sector and are offering investors more attractive cooperation terms.
Interest in Romanian Assets and the British Authorities’ Position
Three companies from Romania, the European Union, and the United States are currently negotiating to acquire Lukoil’s Romanian assets. This includes the Petrotel refinery, a network of gas stations, and an offshore gas perimeter. The winner will have the opportunity to develop these strategic facilities in the Romanian market.
“The general license for the international assets of the Russian company will be valid until February 26, 2026. It allows for the continuation of business operations with Lukoil International under both existing and newly concluded agreements.”
Additionally, the British authorities have decided to postpone the implementation of sanctions regarding Lukoil’s international division. The corresponding general license remains valid until the end of February 2026, allowing the company’s partners to continue cooperation based on both existing and future contracts.