Lukoil presented Iraq with a “settlement and assignment proposal” on 11 February to transfer its 75% stake and settle outstanding debts and tax disputes at the 480,000 b/d-capacity West Qurna-2 (WQ-2) oilfield, according to multiple sources.
The proposal would allow Iraq either to strike a deal with US major Chevron to take over the field or to move toward nationalizing operations. Since the US imposed sanctions on Russia’s Lukoil in November, Baghdad has been in talks to bring in an alternative operator to ensure continuity at the giant field (MEES, 14 November 2025). (CONTINUED - 1172 WORDS)
