<figure id="attachment_3225073" aria-describedby="caption-attachment-3225073" style="width: 1600px" class="wp-caption alignnone"><img loading="lazy" class="size-full wp-image-3225073" src="https://media.freemalaysiatoday.com/wp-content/uploads/2025/12/800e4fe1-west-qurna-2-oil-filed.webp" alt="" width="1600" height="1000" /><figcaption id="caption-attachment-3225073" class="wp-caption-text">The West Qurna 2 in southern Iraq is one of the world&#8217;s largest oil fields according to Lukoil. (EPA Images pic)</figcaption></figure>
BAGHDAD: Iraq&#8217;s oil ministry announced on Monday that it had invited US companies to bid on an oil field which had been operated by the now American-sanctioned Russian company Lukoil for years.
The oil ministry said in a statement it had taken &#8220;all necessary measures to directly and exclusively invite several major American oil companies&#8230; to submit bids&#8221; to take over the management of the West Qurna 2 in southern Iraq, which is one of the world&#8217;s largest oil fields according to Lukoil.
An oil ministry official told AFP &#8220;the winner takes over as operator instead of Lukoil&#8221;.
The ministry added that &#8220;transferring management of the West Qurna 2 field to an American oil company would benefit mutual interests, strengthen global market stability, and maintain Iraq&#8217;s oil production&#8221;.
Lukoil was awarded the contract to develop the field in 2009, and five years later it started production, according to the Russian company&#8217;s website.
US President Donald Trump announced in October sanctions against Russian oil majors Lukoil and Rosneft, which came into force on Nov 21.
Those moves &#8212; the most powerful by Trump against Russia over the Ukraine war &#8212; have already seen major buyers of Russian oil scramble to find alternative suppliers.
In recent weeks, reports emerged in Iraq about Lukoil&#8217;s ability to continue running the West Qurna 2 field.
Several oil experts told AFP that US oil giant ExxonMobil might be the one to replace Lukoil, but the company declined AFP&#8217;s request for comment.
In October, ExxonMobil returned to Iraq after a two-year absence, reaching an initial agreement that could pave the way for developing the Majnoon field in the southern province of Basra.
Authorities in oil-rich Iraq, which recently regained a semblance of stability, hope to attract investment, notably from US companies, across various sectors of the economy.
Iraq is a founding member of the Opec cartel, and crude oil sales make up 90% of the country&#8217;s budget revenues. It currently exports 3.4 million barrels per day.

MatchPoint Times

Iraq invites US companies to bid on oil field run by Russia’s Lukoil

Authorities in oil-rich Iraq, which recently regained a semblance of stability, hope to attract investment and avoid American sanctions.

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