Iraq in Talks with Chevron over Lukoil's West Qurna 2 Oil Field

The Iraqi Oil Minister announced today that talks are underway with US oil company Chevron regarding the West Qurna 2 oil field, which is managed by the Russian Lukoil. The oil field is the largest asset of the Russian company abroad. Both Chevron and Exxon Mobil are among the companies potentially considering bids for Lukoil's foreign assets following US sanctions against the Russian oil company. These talks indicate an effort by Iraq to ensure the continued production of oil at West Qurna 2, despite geopolitical developments and economic sanctions. If acquired, Chevron would take over the management of a significant oil source for Iraq.