Iraqi oil ministry officials said that ExxonMobil has reached out to express interest in acquiring Lukoil’s majority share in the massive West Qurna 2 oilfield, Reuters reported.
ExxonMobil has approached Iraqi oil ministry officials to express interest in acquiring Lukoil’s majority share in the West Qurna 2 oilfield, Reuters reported. The field holds approximately 13 billion barrels of recoverable reserves and produces about 480,000 barrels per day (bbl/d), accounting for roughly 10% of Iraq’s total output.
The move follows ExxonMobil’s earlier review of potential acquisitions of Lukoil overseas assets, particularly in Kazakhstan, where both companies hold stakes in the Karachaganak and Tengiz projects, Reuters said.
The US has sanctioned Lukoil and Rosneft, Russia’s two biggest oil producers, over their contribution to funding the war in Ukraine. The measures have heavily affected Lukoil’s global activities, which represent about 0.5% of worldwide oil output.
As a result, Lukoil declared force majeure on November 4 and is now seeking to exit its international assets, evaluating bids under a wind-down license granted by the US Office of Foreign Assets Control (OFAC).
ExxonMobil and Abu Dhabi National Oil Company (ADNOC) have each expressed early interest in acquiring portions of Lukoil’s overseas portfolio, according to Bloomberg.
ExxonMobil declined to provide a statement on the development, while Lukoil has yet to answer Reuters’ request for comment.
