The Iraqi Minister of Oil discussed with Chevron about the acquisition of Lukoil's stake in West Qurna 2, a crucial field for Iraq.
Raluca Ioana Draghici
Economy
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Hayan Abdul-Ghani, the Iraqi Minister of Oil, had a meeting with a delegation from Chevron to discuss the energy sector in Iraq, particularly regarding the American company's interest in acquiring Lukoil's stake in the West Qurna 2 field. This field, which produces 480,000 barrels per day, accounts for nearly 10% of Iraq's total oil production and has recoverable reserves of over 13 billion barrels. The discussions come in the context of sanctions imposed by the US and the UK on Russian companies Lukoil and Rosneft, and the Iraqi government has recently intervened to pay the salaries of employees at West Qurna 2. Additionally, ExxonMobil has expressed interest in acquiring the majority stake held by Lukoil. These moves are essential for the Iraqi government's goal of increasing oil production to eight million barrels per day by 2027.
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