PetroChina to acquire ExxonMobil鈥檚 stake in Iraq鈥檚 West Qurna 1 oil field
(WO) 鈥 According to Reuters, PetroChina will become the lead contractor for Iraq鈥檚 West Qurna 1 oil field, following an exit agreement between the country and U.S. energy company Exxon Mobil Corp. Once ExxonMobil鈥檚 departure is official, PetroChina will become the oil field鈥檚 largest stakeholder.
Additionally, Iraq and ExxonMobil have arranged a 鈥渟ale agreement鈥 to process state-run Basra Oil Co.鈥檚 acquisition of Exxon鈥檚 interest in the West Qurna 1 oil field.
While neither ExxonMobil nor PetroChina were available for comments, Reuters reported that two managers from the oil field confirmed the details of the transaction. Once Exxon鈥檚 exit is complete, the company will no longer have a presence in Iraq鈥檚 oil and gas industry.
West Qurna 1 is located in southern Iraq and has recoverable reserve estimates of over 20 Bbbl, Reuters reported, making the oil field on of the largest in the world. Reuters cited familiar field officials that say West Qurna 1 produces 560,000 bpd.
This story was originally reported by Reuters.