Reuters: ExxonMobil seeks to buy Lukoil’s stake in major Iraqi oil field
U.S. energy giant ExxonMobil has notified Iraq’s Ministry of Oil that it wants to purchase Lukoil’s controlling stake in the West Qurna-2 oil field — Russia’s largest overseas project — according to Iraqi officials cited by Reuters.
West Qurna-2 is one of Iraq’s most significant oil assets, responsible for roughly 9% of the country’s total crude production. Lukoil currently holds a 75% stake, making the field a key component of the company’s foreign portfolio.
It remains unclear how advanced the talks are. A day earlier, Iraq’s Ministry of Oil said on Facebook that it was considering selling Lukoil’s assets to American companies, without naming specific bidders.
ExxonMobil had long operated the neighboring West Qurna-1 project before exiting last year. Iraqi officials speaking to Reuters described Exxon as the most “preferred option” to replace the sanctioned Russian firm.
Both Lukoil and Rosneft were hit with U.S. sanctions in October of last year, prompting Lukoil to seek buyers for its international subsidiaries. However, the restrictions against Lukoil have not yet taken full effect: the U.S. Treasury’s Office of Foreign Assets Control (OFAC) granted the company a deadline extension to divest its foreign assets.
Under current OFAC guidance, Lukoil must sell its Bulgarian assets by April 29, 2026, and all other foreign holdings by December 13, 2025.
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