Industry and Energy

Home page

Industry and Energy

Exxon in talks with Iraq about buying Lukoil stake in giant West Qurna 2 oil field - sources

02 December 2025 15:01 (UTC +04:00)

Exxon Mobil (XOM.N), has approached the Iraqi oil ministry to express its interest in buying Russian firm Lukoil's majority stake in the giant West Qurna 2 oilfield, five Iraqi official sources with direct knowledge of the matter told Reuters, APA reports.

Lukoil LKOH.MM, tabis trying to sell its international assets after the U.S. imposed sanctions on the company, and Exxon's move would mark a major expansion of the U.S. major's return to Iraq as Moscow tries to offload key energy assets.

Exxon declined to comment while Lukoil didn't respond to Reuters' request for comment.

The U.S. Treasury cleared potential buyers to talk to Lukoil until December 13, but they will need approval for specific deals. Reuters reported last month that Exxon had joined Chevron in considering options to buy parts of Lukoil's portfolio.

Banking sources put West Qurna 2's market value at around $1.6 billion based on its production and reserves of over 8 billion barrels.