Baghdad opens giant oil field to US bidders
Shafaq News – Baghdad
On Sunday, Iraq’s Oil Ministry invited major US oil companies to compete for operating control of the West Qurna 2 field, opening a formal bidding process to replace Russia’s Lukoil.
In a statement, the ministry said transferring the field’s management to an American operator would serve mutual interests, support global market stability, and ensure the continuity of Iraq’s production and state revenues.
No timeline was provided for completing the selection process.
Lukoil, which had operated West Qurna 2, declared force majeure on November 4, according to Reuters, after the company was hit with US and UK sanctions in October 2025 over Russia’s war in Ukraine. A later attempt to sell its stake to Switzerland-based Gunvor collapsed when the US Treasury declined to license the deal, citing alleged Kremlin links.
West Qurna 2 is one of the world’s largest oil fields, with an estimated 14 billion barrels of recoverable reserves. Located 65 kilometers northwest of Basra, it produces around 480,000 barrels per day—roughly 9 to 10 percent of Iraq’s output and about 15 percent of its exports.
Lukoil still holds a 75 percent share, while Iraq’s state-owned North Oil Company owns the remaining 25 percent. Since operations began, the field has produced more than 1 billion barrels and generated over $50 billion in revenue for Iraq.
Read more: Russia’s Lukoil turmoil deepens risks for Iraq’s West Qurna-2 oil field
