Iraq to acquire Exxon Mobil’s stake in West Qurna oilfield: Minister

Published: Updated:

The Iraqi government has given its approval for the Iraqi National Oil Company to acquire Exxon Mobil Corp’s stake in the giant West Qurna 1 oilfield, Oil Minister Ihsan Abdul Jabbar said on Wednesday.

For the latest headlines, follow our Google News channel online or via the app.

West Qurna 1, in southern Iraq, is one of the world’s largest oilfields with recoverable reserves estimated at more than 20 billion barrels.

It had a production capacity close to 500,000 barrels per day in 2021, according to Iraqi officials.

State-run Basra Oil Company director Khalid Hamza told Reuters last year that Exxon was seeking to sell its 32.7 percent stake in the field for $350 million.

Foreign interest in developing fields in southern Iraq has fallen as Iraq along with other top producers curbs output to support prices and as a result of tension between the United States and Iran, which has close ties to Iraqi Shia militias.

Read more:

Oil prices rebound by more than $1 after Saudi Arabia raises prices for Asia, US

Saudi Arabia raises oil prices for Asian and US customers

Iraq backs OPEC’s existing plan for gradual output rise, ministry says

Top Content Trending