December 02, 2025 [Reuters]- Exxon Mobil has approached the Iraqi oil ministry to express its interest in buying Russian firm Lukoil’s majority stake in the giant West Qurna 2 oilfield, five Iraqi official sources with direct knowledge of the matter told Reuters.

Lukoil is trying to sell its international assets after the U.S. imposed sanctions on the, and Exxon’s move would mark a major expansion of the U.S. major’s return to Iraq as Moscow tries to offload key energy assets.

Exxon declined to comment while Lukoil didn’t respond to Reuters’ request for comment.

The U.S. Treasury potential buyers to talk to Lukoil until December 13, but they will need approval for specific deals. Reuters reported last month that Exxon had joined Chevron in considering options to buy parts of Lukoil’s portfolio.

FIELD MAKES UP ABOUT 9% OF IRAQ’S TOTAL OUTPUT

Lukoil’s biggest foreign asset is a 75% operational stake in Iraq’s West Qurna 2 oilfield, one of the world’s largest with output of around 470,000 barrels per day. The field accounts for about 0.5% of world oil supply and 9% of total output in Iraq, OPEC’s second-largest producer after Saudi Arabia.

Lukoil has at the field after Iraq halted cash and crude payments to the company.

Exxon had long been the operator of the neighbouring West Qurna 1 project before exiting last year.

In October, it signed a non-binding agreement with Iraq to help it develop its giant Majnoon oilfield and expand oil exports, marking the U.S. major’s return to the country.

Exxon’s move to return to Iraq followed a string of deals with other oil companies, including Chevron, BP and TotalEnergies, as Iraq seeks to accelerate oil and gas production by offering more generous terms.

EXXON A PREFERRED ENTITY TO TAKE OVER FROM LUKOIL -SOURCE

“Exxon is our preferred option to take over from Lukoil. The company has the capacity and experience needed to manage a field as large and complex as West Qurna 2,” said a senior Iraqi oil official who oversees foreign companies operations in the south.

A senior oil ministry official echoed the statement.

Iraq’s oil ministry said on Monday it had invited several U.S. oil companies to enter negotiations about taking over West Qurna 2.

The ministry said it aimed to transfer the operation of the field to one of the firms through a competitive bidding process.