Chevron Eyes Lukoil’s Iraqi Oilfield—but Only on Better Terms

Chevron Eyes Lukoil’s Iraqi Oilfield—but Only on Better Terms

Following the U.S. sanctions on Russia’s Lukoil, which operated one of Iraq’s largest oilfields, Baghdad temporarily took control over the West Qurna 2 project, which accounts for 10% of all Iraqi oil production and 0.5% of global crude supply. Lukoil had a 75% equity stake in West Qurna 2, which produces more than 400,000 barrels per day (bpd) of crude oil. The U.S. sanctions made it impossible for Lukoil to continue operating the huge field. F…