Exxon Mobil’s plans to sell its 32.7% West Qurna-1 operator’s stake (CNPC 32.7%, Itochu 19.6%, Pertamina 10%, Iraq state Oil Exploration Co. 5%) to CNPC and CNOOC (MEES, 23 April) have been countered by Baghdad. Iraq’s Ministry of Oil this week sent a letter to Exxon offering to buy the US major’s stake through oil payments rather than cash, sources tell MEES.
In January, Exxon submitted an official letter to the ministry triggering a 90-day exit mechanism on its technical service contract (TSC) for the 470,000 b/d capacity southern field. (CONTINUED - 285 WORDS)
