Exxon Mobil has expressed interest in buying Lukoil’s majority stake in Iraq’s West Qurna 2 oilfield, one of the world’s largest. Lukoil is selling international assets due to U.S. sanctions. Exxon and Chevron are considering buying parts of Lukoil’s portfolio. The field produces 470,000 bpd, 9% of Iraq’s total output.

Lukoil’s biggest foreign asset, West Qurna 2, accounts for 0.5% of world oil supply. Lukoil declared force majeure after Iraq stopped payments. Exxon was the operator of the neighboring West Qurna 1 project and valued its stake at $350 million. Exxon recently signed a deal to develop Iraq’s Majnoon oilfield.

Iraq favors Exxon for the West Qurna 2 takeover, citing their capacity and experience. The oil ministry invited U.S. oil companies to negotiate for the field. Exxon’s return follows deals with Chevron, BP, and TotalEnergies as Iraq aims to boost oil and gas production with better terms.

Read more at Yahoo Finance: Exclusive-Exxon in talks with Iraq about buying Lukoil stake in giant West Qurna 2 oilfield, sources say