Chevron is negotiating to acquire a stake in Iraq's West Qurna 2 oilfield, one of the country's largest producing assets, following Lukoil's exit due to Western sanctions. The US major confirmed it is in talks for the massive field, which currently produces about 10% of Iraq's crude output. This development comes as Russian energy companies face increasing pressure from international sanctions.

West Qurna 2, located in southern Iraq, is a critical component of the country's oil infrastructure. The field's production capacity makes it strategically important for both Iraq's economy and global oil markets. Lukoil's withdrawal from the project has created an opportunity for other international energy companies to expand their presence in Iraq's lucrative oil sector. The negotiations highlight how geopolitical tensions are reshaping energy partnerships in the Middle East.

Chevron's potential move into West Qurna 2 would strengthen its position in Iraq, where it already operates the Basra Gas Company project. The deal could also help Iraq maintain production levels at the field while providing Chevron with access to significant reserves. As Western companies reassess their exposure to Russian partners, Iraq's oil sector presents opportunities for companies seeking to diversify their portfolios and secure long-term energy supplies.