Iraq rejects Lukoil's participation in West Qurna 2 development

Iraq plans to invite a select group of major U.S. oil companies for direct negotiations over the acquisition of Russia's Lukoil stake in the giant West Qurna-2 oil field, as Baghdad accelerates efforts to reshape ownership of one of its key energy assets.

The Iraqi Oil Ministry said it will approach “a limited number” of leading American producers as part of a process to transfer the Russian company’s share in the southern field.

The ministry is confident that transferring the management of the West Qurna-2 field to one of the U.S. oil companies "will strengthen the stability of global markets and ensure Iraq’s oil production and market share”.