Chevron enters exclusive talks over the West Qurna 2 oilfield
Iraq · 26 weeks ago
In February 2026 Chevron was granted one-year exclusive negotiating rights over Iraq's West Qurna 2 oilfield, with the aim of taking the asset over from Russia's Lukoil, which is under sanctions.
An agreement signed with Basra Oil Company provides for the West Qurna 2 contract to be transferred temporarily to BOC, which will then reassign the project to Chevron once new contractual terms are settled.
The field produces around 480,000 barrels per day, and West Qurna as a whole accounts for about 0.5% of global oil supply and close to 10% of Iraq's output. The transaction remains subject to approval by Iraq's Council of Ministers, with some steps contingent on further approvals including from the US Office of Foreign Assets Control.
Source: AGBI and Energy Intelligence