CVX News & Events

Chevron (CVX) is pressing Iraq for improved economic terms as a condition to buy the West Qurna 2 oil field from Russia's Lukoil (LUKOY), following Iraq's nationalization of the asset after U.S. sanctions on Lukoil, Reuters' Dmitry Zhdannikov and Aref Mohammed report. The giant field represents about 0.5% of global oil supply, and Lukoil has until February 28 to divest under the sanctions.

Oil majors that operate the Karachaganak field in Kazakhstan, including Eni (E) and Shell (SHEL) lost an international arbitration case, leaving them liable to pay as much as $4B in compensation to Kazakhstan's government, Bloomberg's Nariman Gizitdinov reports, citing people familiar with the matter. The court has yet to rule on the specific amount the field's partners will be ordered to pay, and the Karachaganak venture could still appeal the decision, the author notes. Other partner companies involved in Karachaganak include Chevron (CVX), Lukoil (LUKOY), and KazMunaiGas.