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Iraq temporarily took over Lukoil’s West Qurna-2 oilfield to ensure stable output under U.S. sanctions, with Basra Oil managing it for 12 months.
Iraq has temporarily nationalized the West Qurna-2 oilfield, the largest foreign asset of Russian firm Lukoil, transferring management to state-owned Basra Oil for 12 months to maintain stable production amid U.S. sanctions.
The field, producing 465,000 to 480,000 barrels per day, supplies about 0.5% of global oil and 9% of Iraq’s output.
Basra Oil will cover costs using funds from the Majnoon oilfield, ensuring continuity while Iraq seeks buyers for Lukoil’s 75% stake before a January 17 U.S. deadline.
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Irak se hizo cargo temporalmente del yacimiento petrolífero West Qurna-2 de Lukoil para garantizar una producción estable bajo las sanciones de los Estados Unidos, con Basra Oil administrándolo durante 12 meses.