Group 1 - Chevron Corporation (NYSE:CVX) is in exclusive negotiations for the West Qurna 2 oil field in Iraq, following preliminary agreements with Basra Oil Company [1][2] - The West Qurna 2 field produces approximately 480,000 barrels of oil per day and is currently controlled by Lukoil PJSC, which holds a 75% stake [2] - The Iraqi cabinet has granted Chevron exclusive negotiation rights for 12 months, pending approval from the US Treasury and the Iraqi government [2] Group 2 - The sanctions imposed by the United States on Lukoil have prompted the Russian firm to seek buyers for its overseas assets [2] - Lukoil has committed to selling the majority of its global portfolio to The Carlyle Group under a non-binding agreement [2] - Operations at the West Qurna 2 field are transitioning to Basra Oil before any ownership changes occur [2]
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