Iraq Considering Buying Exxon Stake in West Qurna 1 Oilfield

SourceAsharq AL-awsat
SectorOil & Gas
CountryMiddle east

Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China June 11, 2019. (Reuters)

Iraq is considering buying ExxonMobil’s stake in the southern West Qurna 1 oilfield through state-owned Basra Oil Co (BOC), the country’s oil minister said on Monday.

The oil ministry is discussing BOC “taking ownership of the Exxon stake in West Qurna 1 and leading the project, as happened with Majnoon,” Ihsan Abdul Jabbar told a news conference, referring to the huge Majnoon oilfield in Iraq’s south.

Iraq said last month that ExxonMobil was seeking to sell its 32.7% stake in the West Qurna 1 field, and that the oil ministry had started discussions with US oil companies over a possible purchase.

ExxonMobil did not respond to a request for comment.

Abdul Jabbar also said at the news conference that the development of Iraq’s Mansuriya gas field near the Iranian border is expected to cost $2.1 billion.

China’s Sinopec last month won a deal to develop...read more...