ExxonMobil seeks to replace Lukoil in Iraq’s West Qurna-2 oil project — sources

U.S. energy giant ExxonMobil has proposed to Iraq’s Oil Ministry to acquire the controlling stake held by Russia’s Lukoil in the major West Qurna-2 oil field, two Iraqi officials familiar with the matter told Reuters.

A senior official overseeing foreign oil companies in southern Iraq said Baghdad views ExxonMobil as the “preferred option” to take over the project. The official noted that the American company has the technological capabilities and operational experience required to manage a complex, large-scale development like West Qurna-2.

Iraqi authorities are reportedly seeking to safeguard the stability of the field’s development amid tightening Western sanctions against Russian companies and growing financial constraints.

Lukoil currently holds the largest share in the project — around 75%. While the Oil Ministry has not publicly confirmed the negotiations, sources