Exxon Mobil sells West Qurna Oilfield to PetroChina

Exxon Mobil agreed to sell stakes in its West Qurna-1 oil project in Iraq to PetroChina  and PT Pertamina (Persero) of Indonesia.


Exxon said Thursday that PetroChina would take a 25% stake in the project and Pertamina would take a 10% stake.

Experts believe that the deal could be valued at as much as $5 billion, based on the field's reserves and a contract of at least 10 years.

The West Qurna-1 field is located near Basra in southern Iraq. It is one of several big fields that Western oil companies agreed in 2010 to help Iraq develop.

Exxon Mobil challenged the Federal government in Baghdad and made oil deals and signed contracts  with KRG without the Iraqi government knowledge or approval, something that Baghdad did not like.

The Iraqi government and through its deputy PM gave Exxon Mobil a choice in either giving up its contracts with KRG or leaving West Qurna oilfield.

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