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Chevron Moves to Acquire Lukoil's Major West Qurna 2 Oilfield in Iraq

Chevron will have exclusive rights for one year to negotiate the takeover of West Qurna 2, a field producing over 400,000 barrels per day, pending regulatory approvals.

Summary by Oil Price
Chevron has signed a preliminary deal with Iraq’s Basra Oil Company to discuss the potential sale of the giant Iraqi oilfield West Qurna 2, formerly operated by Russia’s Lukoil, to the U.S. supermajor.  The preliminary agreement, signed on Monday, allows exchange of confidential data and could lead to exclusive talks for Chevron to take over West Qurna 2, whose operations were recently transferred to the Iraqi state-owned company.  The prelimina…

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Oil Price broke the news in London, United Kingdom on Monday, February 23, 2026.
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