The American oil company Chevron Corp. signed preliminary agreements on the terms and exchange of confidential data with the Iraqi state oil company Basra Oil Co. on the West Qurna-2 field (West Qurna-2). This is reported in a Chevron press release.
The agreement is subject to approval by the U.S. Treasury Department and the Government of Iraq, which grants Chevron exclusive negotiating rights for 12 months.
The agreement concerns the 75% stake of the Russian PJSC LUKOIL in the West Qurna-2 field, which has been in the spotlight since the end of 2025 after the imposition of sanctions against the Russian producer by the American administration, which effectively forced the sale of a wide range of foreign assets.
After the sanctions were imposed, a wide range of major companies expressed interest in acquiring LUKOIL's foreign assets, including Chevron, ExxonMobil, ADNOC, Carlyle Group Inc. and the Abu Dhabi International Holding Company. In addition, the United States blocked a potential deal to sell assets to the Swiss multinational energy company Gunvor Group.
In November 2025, the Iraqi government assumed responsibility for marketing the oil produced at the field, ensuring continued supplies despite sanctions. Since 2010, LUKOIL has been developing the West Qurna-2 field, with recoverable reserves of about 13 billion barrels.
Iraq is seeking to change the ownership structure of one of its key energy assets. The statement emphasizes that "the transfer of management of the West Qurna-2 field to one of the US oil companies will serve mutual interests, strengthen the stability of global markets and ensure oil production and market share in Iraq." The Iraqi field with a capacity of 480,000 barrels per day has also attracted interest from Exxon Mobil Corp. and other companies.
The acquisition of a stake in West Qurna-2 is part of Chevron's strategy in the Middle East in recent months. Chevron has made a concerted effort to build up reserves in order to significantly increase production in the future. In particular, the company acquired Hess Corp. For $48 billion, increased the exploration budget by 50% and is negotiating with Kazakhstan to extend the license to operate the Tengiz field, which expires in the early 2030s.
LUKOIL International GmbH produces 0.5% of the world's oil and owns three refineries in Europe, shares in oil fields in Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt and Nigeria, as well as hundreds of retail filling stations worldwide, including in the United States.
LUKOIL is one of the largest Russian oil companies. The company is engaged in the exploration, production and refining of oil and natural gas, as well as the sale of oil and petroleum products. The headquarters is located in Moscow (Russia). The company carries out exploration and production in a number of countries around the world, with major projects concentrated in Russia, Central Asia and the Middle East.
Chevron Corp. is an American integrated energy company and one of the largest corporations in the world producing oil, natural gas, transportation fuels, lubricants, and technologies. The main reserves of the deposits are located in the USA (29%), Australia (20%) and Kazakhstan (18%).
In addition, Chevron operates an extensive network of gas stations under the Chevron, Texaco and Caltex brands and is a supplier of aviation fuel to 90 airports around the world. The headquarters has been located in Houston (Texas) since 2024.
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