Iraq’s Ministry of Oil has taken over the West Qurna-2 oil field from the Russian company Lukoil, and plans to transfer it to an American company.

In a statement published by the Ministry, it announced issuing a direct and exclusive invitation to a number of major U.S. companies to enter direct negotiations, with the aim of submitting their proposals and bids for taking over the operation of the West Qurna-2 field. According to the offers and requirements, the contract will be awarded for the development of the field.

The Ministry highlighted that transferring the management of West Qurna-2 to one of the American companies could serve the shared strategic interests, strengthen the stability of global oil markets, ensure the continuity of Iraq’s oil production and its supply to the market, and enhance bilateral economic relations between Iraq and the United States through the transfer of advanced technology.

Lukoil, the second-largest oil company in Russia, has recently been subjected to sanctions by the United States and the United Kingdom, which caused its operations in the West Qurna-2 field to halt. Due to these sanctions, the Iraqi government suspended payments of both cash and crude oil to the Russian company.

In addition to suspending payments, SOMO, Iraq’s state oil marketing company, also halted the export of crude produced from West Qurna-2, which ultimately forced the Russian company to withdraw from the field.