Lukoil wants to sell its stake in West Qurna 2 to Chinese companies, Ihsan Ismaael said in a video posted online:
- The investment environment in Iraq is not appropriate to maintain major investors
- All major investors either are looking for another market or looking for another partner
BP and Lukoil would join ExxonMobil, which is seeking to sell its stake in the southern oil field of West Qurna 1.
BP is lead contractor of the Rumaila oil field, where it has a 38% stake alongside CNPC's 37% holding and the rest is shared between state-owned Basrah Oil Co. and the State Oil Marketing Organization, its partners in a technical service contract that expires in 2034.
The southern field of Rumaila is the country's biggest with a production capacity of about 1.5 million b/d out of the country's 5 million b/d production capacity and estimated 17 billion barrels of recoverable oil remaining.
Lukoil has a 75% stake in the southern mega field West Qurna 2 with state-owned North Oil Co holding the remainder.