Chevron is preparing to expand operations in Iraq through the acquisition of Western Kurna 2

American energy corporation Chevron has entered negotiations to potentially acquire one of Iraq’s largest oil fields. This strategic move reflects the company’s efforts to strengthen its presence in the Middle East amid the dynamic reshaping of global energy markets. The information about the negotiations was released by Bloomberg, highlighting the significance of this event for the global energy sector.

West Qurna 2: Why this Iraqi oil well is in the spotlight

Chevron’s target is the West Qurna 2 oil field, which ranks second in Iraq in terms of reserves. Currently, this field is controlled by Russian company LUKOIL, making a potential change of ownership a significant event in the energy market. West Qurna 2 produces hundreds of thousands of barrels of oil daily, providing substantial revenue for the Iraqi government and being a key asset in the national oil strategy.

Resource competition: American ambitions amid geopolitical realities

The potential acquisition indicates that Chevron is actively positioning itself as an alternative to Russian influence in the region. Iraq, holding the third-largest oil reserves in the world, remains critical for the stability of global energy markets. For Chevron, expanding operations in Iraq means access to reliable hydrocarbon sources and strengthening its influence in the Middle East during a period of increased global energy uncertainty.

Strategic reshaping of the energy landscape

This potential move by Chevron demonstrates how global energy companies are reevaluating their portfolios amid geopolitical tensions. Successfully acquiring the field in Iraq would allow Chevron to significantly bolster its position in the sector, ensuring long-term oil production and maintaining a competitive edge in the global hydrocarbon market.