Archive · 28 Jan 2026
Chevron Negotiates Terms for Iraq’s West Qurna 2 Oilfield
Chevron, a big American oil company, is talking to Iraq about buying a huge oilfield called West Qurna 2 from a Russian company called Lukoil.
Iraq took control of the oilfield because of US sanctions on Russia due to the war in Ukraine.
Chevron wants better deal terms before buying it.
The oilfield is very important because it produces a lot of oil for both Iraq and the world.
Right now, Iraq is running the oilfield while they figure out what to do next.
Chevron is thinking about this deal as part of its plan to grow internationally.
Iraq wants to make sure the oilfield keeps producing a lot of oil, and Chevron wants to make sure it's a good investment.
Chevron is negotiating with Iraq to acquire West Qurna 2 oilfield from Lukoil under improved terms.
Iraq nationalized the oilfield due to US sanctions on Lukoil linked to the Ukraine war.
West Qurna 2 contributes significantly to global and Iraqi oil production.
Chevron and Iraq's oil ministry are discussing revised contractual terms for better returns.
The deal would mark Chevron's deeper push into Iraq's oil sector.
- Who
- Chevron, Iraq, Lukoil
- What
- Negotiations for the acquisition of West Qurna 2 oilfield
- When
- Ongoing, with a deadline of February 28 for Lukoil to divest
- Where
- Iraq, specifically the West Qurna 2 oilfield
- Why
- To improve commercial terms and ensure better returns on the project
- Oilfield
- West Qurna 2
- Current Operator
- Lukoil
- Potential Buyer
- Chevron
- Global Oil Supply Contribution
- 0.5%
- Iraq's Crude Output Contribution
- 10%
- Sanctions Deadline
- February 28
- Iraq's Oil Output
- 4 million barrels per day (2025)