Iraq began the nationalization of Lukoil's largest foreign asset
The Iraqi government has approved a plan to nationalize operations at the West Qurna-2 oilfield, which is 75% owned by Russia's Lukoil and is its largest foreign asset, Reuters reports .
Illustrative image. Photo: Thierry Monasse/Getty Images
Within a year, the state-owned Iraqi company Basra Oil will take over the management of the field. The goal of the Iraqi government is to ensure uninterrupted oil production amidst US sanctions against Lukoil. During this period, Basra Oil will pay workers' salaries, pay contractors, and cover other operating expenses.
Production at the field remains stable at about 465-480 thousand barrels per day.
"West Qurna-2" is one of the largest oil fields in the world, providing approximately 0.5% of global oil supplies and 9% of Iraq's production.
Lukoil has been developing the field since 2009, with commercial production starting in 2014. In November, the company declared force majeure after the imposition of US sanctions, which, however, allow for the sale of foreign assets. Lukoil needs to complete the sale by January 17.
According to Reuters, potential buyers include American oil giants Exxon Mobil, Chevron, and private equity firm Carlyle.
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