Iraq’s Oil Ministry has invited major U.S. energy firms to develop the West Qurna 2 oilfield after Russian Lukoil withdrew due to U.S. sanctions on Moscow. This shift marks a win for the U.S. and Europe, changing Iraq’s geopolitical landscape significantly. The country’s strategic location and vast oil and gas reserves make it a hot spot for global superpowers. With the U.S. withdrawing from the nuclear deal in 2018, Russia and China increased their presence in Iraq. As Western firms exit Iraq, Russia and China aim to expand their influence and weaken Western hegemony in the region. Lukoil’s withdrawal from West Qurna 2 impacts Russia, as the field has 13 billion barrels of reserves and produces 460,000-480,000 bpd, 10% of Iraq’s output. U.S. firms are invited to bid on the field at the expense of Lukoil, while TotalEnergies and BP are involved in other major projects in Iraq. Ministry documents show Lukoil could sustain 635,000 bpd production and hit 650,000 bpd in test runs. The firm planned to negotiate a higher remuneration rate before leaving the site. Chevron and ExxonMobil are also likely to be involved in the bidding process for West Qurna 2.

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