The Iraqi government has approved the nationalization of the West Qurna-2 oil field, taken over by Basra Oil Company, to maintain production in the context of sanctions imposed on Lukoil.

The Iraqi government has decided to nationalize operations at the West Qurna-2 oil field, one of the largest in the world, in response to the sanctions imposed by the US on the Russian company Lukoil. Basra Oil Company, the Iraqi state company, will take control of the field for a period of 12 months, aiming to maintain a stable production of approximately 465,000–480,000 barrels per day.

This measure comes after Lukoil declared a force majeure at West Qurna-2, affected by sanctions, and it is up to Iraq to seek potential buyers for Lukoil's 75% stake in the project. The Iraqi government will use an account associated with the Majnoon oil field to finance operations and cover expenses, thus ensuring the continuity of production during this period of uncertainty.