Iraq has officially invited major US oil companies to take over operations at the West Qurna 2 oil field, previously managed by Russian firm Lukoil, which is now under US sanctions.

The Iraqi oil ministry said it has issued direct invitations to several leading American oil firms to submit proposals for managing the field, one of the world’s largest oil reserves. “The winning company will assume full operational control in place of Lukoil,” an oil ministry spokesperson told AFP.

Officials emphasized that transferring management to a US firm would support mutual economic interests, help stabilize global oil markets, and maintain Iraq’s current production levels.

Lukoil was awarded the West Qurna 2 development contract in 2009, with production starting in 2014. However, following US sanctions against Lukoil and Rosneft in November, uncertainty arose about the company’s ability to continue operations in Iraq.

Industry analysts have suggested ExxonMobil as a potential candidate to take over the field. The company, which recently returned to Iraq after a two-year hiatus, has also signed preliminary agreements to develop the Majnoon oil field in Basra province.

Oil remains the backbone of Iraq’s economy, accounting for around 90% of government revenue, with daily exports currently at 3.4 million barrels. Iraqi authorities are seeking to attract investment from US companies across multiple sectors as the country continues to stabilize.