Finance & Investing
News Services
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy


Exxon to Sign Over Part of Iraq Oilfield Stake to Petrochina

change text size


BAGHDAD, Nov 28 (Reuters) - U.S. oil major Exxon Mobil will hand over a 25 percent stake in Iraq's West Qurna-1 oilfield project to China's biggest energy company PetroChina on Thursday, Iraq's deputy prime minister for energy said.

Iraq said in August that Exxon was selling more than half of its 60 percent holding in the field. Along with the stake going to PetroChina, 10 percent is expected to be sold to Indonesia's Pertamina, according to Iraq.

A statement from Hussain al-Shahristani's office said he had met with PetroChina's Iraq chief, Wang Shali, on Wednesday and that Thursday "will witness the signing of the final agreement between her company and Exxon Mobil", giving the Chinese company a 25 percent stake in the field.

The statement did not mention Pertamina.

Exxon is the operator of the giant oilfield and last year offered to sell its entire stake after a dispute with Baghdad over contracts it signed with Iraq's autonomous Kurdistan region - deals the central government rejects as illegal.

It later committed to further investment at the field - now pumping almost 500,000 barrels a day - and stepped back from making a full exit. Tough terms and slim margins on Iraq's service-fee contracts are drawbacks to investment in southern Iraq.

Copyright 2015 Thomson Reuters. Click for Restrictions.


Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Most Popular Articles
From the Career Center
Jobs that may interest you
Lean Manufacturing Manager
Expertise: Asset Management|Manufacturing Engineering|Operations Management
Location: Big Spring, TX
Right of Way Project Manager
Expertise: Project Management
Location: Sugar Land, TX
Director Business Development - Refined Products
Expertise: Business Development
Location: Philadelphia, PA
search for more jobs