Exxonmobil In Talks To Buy Russian Stake In Major Iraqi Oil Field: Report – The Cradle

 Exxonmobil In Talks To Buy Russian Stake In Major Iraqi Oil Field: Report

Russian oil giant Lukoil came under heavy US sanctions in October, prompting it to declare force majeure in Iraq’s West Qurna 2 oil field

ExxonMobil has reached out to Iraq’s Oil Ministry in a bid to purchase Russian energy firm Lukoil’s majority stake in the country’s West Qurna 2 oil field, five Iraqi sources told Reuters on 2 December.

“Exxon is our preferred option to take over from Lukoil. The company has the capacity and experience needed to manage a field as large and complex as West Qurna 2,” a senior Iraqi oil official told the agency.

A senior Oil Ministry official said the same thing in a statement to Reuters. The US energy giant declined to comment, while Lukoil did not respond to a request for comment.

The Iraqi Oil Ministry said on Monday that it has invited several US oil companies to begin talks on taking over the operation of West Qurna 2.

ExxonMobil operated the nearby West Qurna 1 project for years before exiting in 2024, citing unfavorable contract terms and political instability. Last month, it signed a non-binding deal with the Iraqi government to aid the development of the giant Majnoon oil field and expand oil exports.

🔗SOURCE ➡️ The Cradle

Related: 10/9 — ❗️Iraq, Exxon Mobil to sign deal to develop and operate Majnoon oil field

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10/1 — ❗️Yemen’s Ansarallah declares war on US oil giants

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