Following Lukoil’s withdrawal, Chevron is nearing the development of the West Qurna/2 field.
Following Lukoil’s withdrawal, Chevron is nearing the development of the West Qurna/2 field.
2026-07-22
Shafaq News – Basra
Basra Oil Company announced on Wednesday that progress has been made in negotiations with US company Chevron to develop the West Qurna/2 field, confirming that there are no obstacles to concluding the final contract, while noting that Total Energy continues to implement its oil and electricity projects in the governorate.
Basra Oil Company Director General Basim Abdul Karim told Shafaq News Agency that the company will temporarily manage the West Qurna/2 field for six months, following the withdrawal of the Russian company Lukoil, until negotiations with Chevron are completed.
He added that the two sides signed three agreements relating to confidentiality of information, technical aspects, and the transfer of field data, with preparations underway to sign a fourth agreement next week.
He explained that the procedures for the advance payment, amounting to approximately $200 million, are still being finalized, in conjunction with providing a guarantee from the Ministry of Oil to address any potential financial obligations, stressing that negotiations are proceeding smoothly in preparation for signing the final contract that grants Chevron the responsibility for developing and managing the field.
In a related context, Abdul Karim pointed out that Total Energy is continuing to implement the Artawi field development project, aiming to raise its production to 210,000 barrels per day within three years, after increasing production to 120,000 barrels per day in the coming months.
He added that the company is also continuing to implement associated gas and solar energy investment projects, while the electricity project has entered the production phase with a capacity of 250 megawatts, with plans to gradually raise it to 1,000 megawatts in support of the national grid.
During his visit to Washington, Prime Minister Ali al-Zaidi announced that he had held talks with the American company Chevron regarding investment opportunities in the Iraqi oil sector, as part of the government’s efforts to attract major international companies and expand their investments in developing oil fields.
US sanctions on Russia have hampered Lukoil’s ability to manage its international operations, including the West Qurna field, one of the world’s largest oil fields, which provides about 0.5 percent of global oil supplies and about 10 percent of Iraq’s production.
shafaq.com
