Iraq Seeks New Buyers For US ExxonMobil Shares In West Qurna 1 Oilfield - Oil Ministry

Iraq Seeks New Buyers for US ExxonMobil Shares in West Qurna 1 Oilfield - Oil Ministry

Iraq announced on Thursday that it is currently in talks with the US oil giant ExxonMobil and other unspecified firms over potential purchase of the company's 32.7% stake in the West Qurna 1 field

CAIRO (Pakistan Point News / Sputnik - 15th April, 2021) Iraq announced on Thursday that it is currently in talks with the US oil giant ExxonMobil and other unspecified firms over potential purchase of the company's 32.7% stake in the West Qurna 1 field.

"The Iraqi Ministry of Oil is studying, together with ExxonMobil, the possibility of acquiring the shares of the American company in the West Qurna 1 field in Basra province," the ministry's press release obtained by Sputnik said.

Further information on the details of the deal and potential buyers is yet to be released.

West Qurna 1 is one of the world's largest oil fields with estimated recoverable reserves of over 20 billion barrels. Apart from Exxon, other stakeholders in the project include PetroChina (32.7%), ITOCHU Corp. (19.6%), Indonesia's Pertamina (10%), and Iraq's Oil Exploration Co. (5%).

Earlier this year, Norwegian operator DNO acquired Exxon's 32% stake in Baeshiqa license in the Kurdistan region of Iraq.