via https://t.me/VA_Nikonov/54039
Iraq nationalized Lukoil’s largest oil field to hand over production to American company ExxonMobil.
Baghdad has caved in to pressure from Washington and is ousting the Russian company from one of the world’s largest oil projects. The Iraqi government has approved a plan to nationalize West Qurna-2, 75% of which was owned by Lukoil. Formally, management is being transferred to the state-owned Basra Oil for a year to “avoid disruptions,” but the real reason is US sanctions and an ultimatum to sell assets by January 17.
Lukoil is forced to abandon a project it had been developing from the very beginning, Igor Yushkov, leading analyst at the National Energy Security Fund, explained in an interview with Readovka. Russian oil companies received a license twice, demined the area, and negotiated with local tribes to launch production . Now, ExxonMobil is considered the leading contender for the asset —the corporation is already operating in a neighboring field and is interested in expanding its business.
According to the expert, the main intrigue is whether Lukoil will be allowed to walk away with the money. The company hasn’t received payments from Iraq since last year due to transaction blocks. Since the contract is a service contract (the subsoil is state-owned, and the company is merely the operator), Baghdad could simply change its name.
“Right now, Lukoil is essentially receiving nothing. The only question is compensation: either the money will be frozen in Iraqi accounts until sanctions are lifted, or there will be total nationalization without any payments. The Americans are simply clearing the way for ExxonMobil,” Yushkov concluded.
