ExxonMobil in talks to acquire Lukoil’s stake in Iraqi oilfield

ExxonMobil has initiated discussions with the Iraqi Oil Ministry for the imaginable acquisition of Lukoil’s bulk involvement successful the West Qurna 2 oilfield, reported Reuters.

This quality comes arsenic the Russian lipid institution seeks to divest its planetary assets pursuing US sanctions.

Lukoil presently holds a 75% operational involvement successful West Qurna 2, which is among the world’s largest oilfields, producing astir 470,000 barrels per day.

The West Qurna 2 oilfield is said to correspond astir 0.5% of planetary lipid proviso and 9% of full output successful Iraq, the second-largest shaper successful the Organization of the Petroleum Exporting Countries aft Saudi Arabia.

The marketplace worth of West Qurna 2 is estimated astatine astir $1.6bn, based connected its accumulation levels and reserves exceeding 8 cardinal barrels.

Last month, the US Treasury gave clearance to imaginable buyers to negociate with Lukoil until 13 December, but they volition necessitate further support for circumstantial transactions.

Exxon had reportedly joined Chevron successful seeking opportunities to get parts of Lukoil’s portfolio.

Last month, Lukoil declared unit majeure astatine West Qurna 2 aft Iraq suspended some currency and crude payments to the company.

Exxon was antecedently the relation of the adjacent West Qurna 1 task earlier exiting successful 2024.

In October, Exxon signed a non-binding statement with Iraq to assistance make the Majnoon oilfield and to grow lipid exports, marking the company’s instrumentality to the state aft leaving it astir 2 years ago.

This determination follows respective deals betwixt Iraq and different lipid companies arsenic the state aims to boost lipid and state accumulation by offering much charismatic terms, the study said.

A elder Iraqi lipid authoritative who oversees overseas companies’ operations successful the south, told Reuters: “Exxon is our preferred enactment to instrumentality implicit from Lukoil. The institution has the capableness and acquisition needed to negociate a tract arsenic ample and analyzable arsenic West Qurna 2.”

Recently, Abu Dhabi’s International Holding Company reportedly expressed involvement successful acquiring the overseas assets of Lukoil.

"ExxonMobil successful talks to get Lukoil’s involvement successful Iraqi oilfield" was primitively created and published by Offshore Technology, a GlobalData owned brand.

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