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Iraq has opened bidding to major American oil companies to operate one of the world's largest oil fields, aiming to replace Russian energy giant Lukoil following US sanctions that threaten Moscow's ability to maintain operations in the country.
The oil ministry announced Monday it had taken measures to "directly and exclusively invite several major American oil companies" to submit bids for managing the West Qurna 2 field in southern Iraq. The sprawling operation has been run by Lukoil since production began in 2014.
"The winner takes over as operator instead of Lukoil," an oil ministry official told AFP.
The ministry framed the transition as serving broader economic and geopolitical interests, stating that transferring management to an American company "would benefit mutual interests, strengthen global market stability, and maintain Iraq's oil production."
The move comes after President Donald Trump announced sanctions against Lukoil and fellow Russian oil major Rosneft in October, with the measures taking effect November 21. The sanctions represent the most significant action Trump has taken against Russia over the Ukraine war and have already prompted major buyers of Russian oil to seek alternative suppliers.
Lukoil secured the contract to develop West Qurna 2 in 2009, according to the company's website. Recent weeks have seen mounting speculation in Iraq about whether the Russian firm could continue operating the field under the new sanctions regime.
Several oil experts who spoke with AFP suggested that ExxonMobil might be positioned to replace Lukoil, though the American energy giant declined to comment on the matter.
The speculation carries added weight given ExxonMobil's recent return to Iraq after a two-year absence. In October, the company reached an initial agreement that could lead to development of the Majnoon field in the southern province of Basra.
Iraq's government is actively courting investment from US companies across multiple economic sectors as the country works to capitalize on improved stability. Oil revenues remain the backbone of the Iraqi economy, with crude sales accounting for 90 percent of the national budget.
As a founding member of the Organization of the Petroleum Exporting Countries, Iraq currently exports 3.4 million barrels of oil per day. The West Qurna 2 field represents a significant portion of that production capacity, making the operator transition a matter of both economic and strategic importance for Baghdad.
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