Iraq nationalizes West Qurna 2 oilfield as Chevron enters negotiations for acquisition
Iraq has nationalized the West Qurna 2 oilfield following U.S. sanctions on Lukoil. Chevron is now negotiating for the asset under improved contract terms.
Insights:
Iraq 
IQofficially nationalized the West Qurna 2 oilfield in January 2026. This move followed sanctions imposed by the United States 
USon Lukoil PJSC , part of a strategy to pressure Russia 
RUto end the ongoing war in Ukraine. The field is a critical global asset, accounting for approximately 0.5 percent of the world supply of Crude Oil WTI and nearly 10 percent of the total output of Iraq.
IQofficially nationalized the West Qurna 2 oilfield in January 2026. This move followed sanctions imposed by the United States USon Lukoil PJSC , part of a strategy to pressure Russia RUto end the ongoing war in Ukraine. The field is a critical global asset, accounting for approximately 0.5 percent of the world supply of Crude Oil WTI and nearly 10 percent of the total output of Iraq.Chevron Corporation is currently in negotiations with the IraqMinistry of Oil to acquire the field. Lukoil PJSChas been given a deadline of February 28, 2026, to sell its assets under the terms of the sanctions. As negotiations continue, the state-run Basra Oil Company has assumed operational control of the field for a 12-month period while the final ownership structure is resolved.
