Reuters sources: Exxon Mobil has contacted the Iraqi Ministry of Oil to express its interest in acquiring the 75% majority stake held by Lukoil in the West Qurna 2 field, one of the largest oil fields in the world.

This move comes in the wake of sanctions imposed on Russia, which have led Lukoil to sell its international assets. The U.S. Treasury Department allowed negotiations with Lukoil until December 13, but any agreement will need to be officially approved.

West Qurna 2 produces approximately 470,000 barrels per day, representing 0.5% of global oil production. Exxon previously operated in West Qurna 1 and recently signed an agreement with the Iraqi government for the development of the Majnoon field. The Iraqi Ministry of Oil has invited American companies to participate in negotiations for the takeover of West Qurna 2, and Exxon is considered the preferred option due to its capacity and experience.