Chevron presses Iraq for improved contractual terms to acquire the West Qurna 2 oilfield from Lukoil. U.S. sanctions require Lukoil to divest the asset by late February 2026. This creates an opportunity for Chevron to expand its regional presence.
West Qurna 2 ranks among the world's largest oilfields. The field accounts for a significant portion of Iraq's total output.
Negotiations continue between Chevron and Iraq's oil ministry. The Iraqi cabinet must approve any final agreement.
A successful deal would deepen Chevron's footprint in the Middle East. This expansion follows the company's 2025 acquisition of Hess Corp.