Chevron Begins Talks to Acquire Majority Stake in West Qurna 2 Oilfield
Chevron has entered exclusive negotiations with Iraq to acquire the West Qurna 2 oilfield from sanctioned Russian operator Lukoil. The deal would transfer control of one of Iraq’s largest producing fields and could add several hundred thousand barrels per day to Chevron’s global output.
1. Exclusive Negotiations Launched
Chevron and the Iraqi Oil Ministry have agreed to enter exclusive talks focusing on the West Qurna 2 oilfield. These negotiations position Chevron to potentially assume operatorship and majority interest currently held by sanctioned Russian firm Lukoil.
2. Asset Profile
West Qurna 2 is one of Iraq's largest producing fields, generating roughly 400,000 barrels per day and containing estimated reserves in the billions of barrels. The field has formed a cornerstone of Iraq’s southern oil production since its start-up in the early 2010s.
3. Strategic Implications
Securing West Qurna 2 would significantly boost Chevron’s Middle East output and reinforce its global upstream portfolio amid growing competition for high-quality reserves. The potential acquisition underscores Chevron’s push to expand its low-cost production base.
4. Next Steps and Timeline
The exclusive period grants Chevron the right to finalize due diligence and negotiate final commercial terms over the coming months. A binding deal could be reached by mid-year, subject to Iraqi cabinet approval and international sanction clearances.