Iraq’s cabinet has moved to nationalise operations at the West Qurna 2 oil field, invoking contract provisions following Lukoil’s declaration of force majeure. The Russian firm halted work after being targeted by US sanctions in late 2025. The field, which accounts for roughly 9% of Iraq’s total output, will now see its operations financed via the Majnoon field account and crude sales from SOMO.
In a related development, Chevron and Quantum Capital Group have partnered to bid for Lukoil’s global assets, reportedly valued at US$22bn. The consortium is competing to acquire the company’s non-Russian portfolio, comprising production, refining and retail interests. The bid comes as Washington provides a brief window for foreign investors to negotiate such deals without facing secondary sanctions, a permission that expires on 17 January.
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