Overview
- Iraq's Oil Ministry invited several U.S. companies to negotiate taking over operation of the West Qurna 2 oilfield.
- Five Iraqi officials said Exxon Mobil approached the ministry to explore buying Lukoil's 75% stake in the project.
- A senior Iraqi oil official said Exxon is the preferred candidate to replace Lukoil at the giant Basra field.
- The U.S. Treasury has allowed potential buyers to engage with Lukoil through December 13, with any transaction requiring specific approval.
- Lukoil declared force majeure after Iraq halted cash and crude payments, and the field produces roughly 470,000 barrels per day—about 9% of Iraq's output and 0.5% of global supply.