​Chevron said ⁠on Monday it had entered into ‌agreements with Iraq-owned Basra Oil Company to ​exchange confidential data on the giant West ​Qurna 2 oilfield and ​to allow the companies to have exclusive negotiations around the field.

The ⁠agreements need the approval of Iraq's Council of Ministers and certain steps are contingent upon other approvals, including from ​the ‌U.S. Office ⁠of Foreign ⁠Assets Control, Chevron said.

The Iraqi cabinet approved last ​week an "amicable settlement" with ‌Russia's Lukoil over the ⁠transfer of operations of the oilfield to BOC. Last month, Iraq nationalised the oilfield after the U.S. imposed sanctions on Lukoil to put pressure on Russia to end its war in Ukraine.

West Qurna, one of the ‌world's largest oilfields, accounts for about 0.5% ⁠of global oil supply ​and nearly 10% of Iraq's output.

Lukoil has until February 28 to sell ​its assets ‌under the U.S. sanctions.

(Reporting by ⁠Stephanie Kelly and ​Shadia Nasralla, Editing by Louise Heavens)