EXXONMOBIL HAS FORMALLY EXITED THE WEST QURNA 1 OILFIELD – Energy giant hands over operations to PetroChina as lead contractor
U.S. energy giant ExxonMobil Corp XOM.N has formally exited the West Qurna 1 oilfield in southern Iraq and handed over its operations to PetroChina as lead contractor, a deputy oil minister has said.
Senior Iraqi oil officials met with executives from ExxonMobil, PetroChina and Basra Oil Co on Monday at the West Qurna 1 field near Basra to mark Exxon’s complete exit and the handover of its operations to PetroChina.
PetroChina holds the largest stake in the field after the departure of Exxon.
Last year, Iraq signed a sale agreement to acquire 22.7 percent of ExxonMobil’s stake in West Qurna 1 by Iraq’s state-run Basra Oil Co.(BOC), while Indonesia’s state-owned Pertamina bought the remaining 10 percent of Exxon’s stake, increasing its share to 20 percent.
The final settlement recently reached between Iraq’s oil ministry and Exxon has served the interests of both parties, Basim Mohammed, deputy oil minister for upstream said. West Qurna 1 currently produces around 550,000 barrels per day (bpd), he added.
The deputy oil minister said the government is keen to invite ExxonMobil to play a role in developing future energy projects.
