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

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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.

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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.

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