Exxon Mobil (XOM) has approached the Iraqi oil ministry to express its interest in buying Russian firm Lukoil’s majority stake in the giant West Qurna 2 oilfield, Iraqi official sources with direct knowledge of the matter told Reuters.
Exxon’s move would mark a major expansion of the U.S. major’s return to Iraq as Moscow tries to offload key energy assets, the report said.
The U.S. Treasury allows potential buyers to talk to Lukoil until December 13, but they will need approval for specific deals. Reuters reported last month that Exxon had joined Chevron (CVX) in considering options to buy parts of Lukoil’s portfolio.
Lukoil’s biggest foreign asset is a 75% operational stake in Iraq’s West Qurna 2 oilfield, one of the world’s largest, with output of around 470,000 barrels per day.
