Chevron’s Iraq oilfield gamble: one-year exclusive talks for West Qurna 2 after Lukoil sanctions
Chevron has secured a one-year exclusive window to negotiate new terms for Iraq’s West Qurna 2 oilfield after U.S. sanctions forced Russia’s Lukoil to exit. Any transfer of the field requires Iraqi cabinet approval and clearance from U.S. sanctions authorities. West Qurna 2 produces about 480,000 barrels per day, nearly 10% of Iraq’s oil output.