Chevron Edges Rivals in Bid to Take Over Lukoil’s Iraq Oil Field

Chevron Corp. emerged as the front-runner to take control of Iraq’s second-largest oil complex from Russian producer Lukoil PJSC after signing a deal to engage in exclusive talks over the giant field.

The US oil giant signed preliminary agreements to negotiate terms and exchange confidential data with state-owned Basra Oil Co. over the West Qurna 2 field, Chevron said in a statement. The arrangement is dependent upon approvals from the US Treasury and the Iraqi government.

Chevron will have exclusive negotiation rights for 12 months, Iraq’s cabinet said in a separate statement.

“Competitive economic terms that incentivize investment which ...