Iraq Eyes Doubling West Qurna 2 Output as Chevron Negotiates Stake Acquisition from Lukoil

Key Facts

Iraq is moving forward with plans to nearly double production at the West Qurna 2 oilfield, targeting a capacity of 800,000 barrels per day (bpd). According to reports, US energy giant Chevron is currently in exclusive negotiations to take over operations from Russia's Lukoil at the site. This potential shift marks a significant strategic pivot for Iraq as it seeks to re-engage with Western oil majors to modernize its energy infrastructure and maximize output. The expansion is part of a broader national strategy to stabilize and grow production following years of political and economic volatility. While the projected increase in supply could exert downward pressure on global crude prices, the entry of Chevron is viewed as a positive development for the company's long-term asset portfolio. Market analysts are closely monitoring the geopolitical implications of replacing a Russian operator with an American major in one of the world's largest oil fields.