Core Insights - ExxonMobil is in discussions with the Iraqi Oil Ministry to potentially acquire Lukoil's majority stake in the West Qurna 2 oilfield, as Lukoil seeks to divest its global assets due to US sanctions [1][3] - The West Qurna 2 oilfield is significant, representing approximately 0.5% of global oil supply and 9% of Iraq's total output, with an estimated market value of $1.6 billion [2] - Lukoil currently holds a 75% operational stake in West Qurna 2, producing around 470,000 barrels per day, with reserves exceeding eight billion barrels [2] Group 1: Acquisition Context - The US Treasury has allowed potential buyers to negotiate with Lukoil until December 13, but specific transactions will require further approval [3] - ExxonMobil, alongside Chevron, is exploring opportunities to acquire parts of Lukoil's portfolio [3] - Lukoil declared force majeure at West Qurna 2 after Iraq suspended cash and crude payments to the company [3] Group 2: ExxonMobil's Activities in Iraq - In October, Exxon signed a non-binding agreement with Iraq to assist in developing the Majnoon oilfield and expanding oil exports, marking its return to the country after nearly two years [4] - A senior Iraqi oil official indicated that Exxon is the preferred option to take over Lukoil's stake due to its capacity and experience [5] - Abu Dhabi's International Holding Company has also shown interest in acquiring Lukoil's foreign assets [5]