Chevron in talks for Iraq's West Qurna 2

Chevron Corporation is in exclusive talks to take over operations of Iraq's West Qurna 2 oilfield from Russia's Lukoil. This move could nearly double the oilfield's output to 800,000 barrels per day, significantly boosting Iraq's overall oil production capacity. The change in operatorship follows US sanctions on Lukoil due to the war in Ukraine, which led Iraq to nationalize the field and temporarily transfer it to the state-run Ministry of Oil (Iraq)===Basra Oil Company. The deal, if approved by Iraq's cabinet and the US United States===Office of Foreign Assets Control, would expand Chevron Corporation's presence in Iraq and align Iraq more closely with Western energy interests, potentially bolstering relations between Baghdad and Washington. Iraq, a key OPEC member, aims to raise its total oil production capacity to over 6 million barrels per day by 2029.