The saga of ExxonMobil’s exit from Iraq’s 470,000 b/d capacity West Qurna-1 oilfield may be drawing to an end. The US firm holds 32.7% in the field alongside CNPC (32.7%), Itochu (19.6%), Pertamina (10%) and Iraq state Oil Exploration Co. (5%). Exxon has sought to sell its stake since January 2021, but Baghdad blocked its planned sale to Chinese firms (MEES, 7 May 2021).
On 19 June Oil Minister Ihsan Ismaael said that state-firm BOC had “taken a Final Investment Decision” on acquiring the stake (MEES, 24 June), but Reuters reports that Pertamina will also be upping its involvement. According to Reuters, BOC will take 22.7%, with Pertamina taking 10% to double its holding in the key field. (CONTINUED - 108 WORDS)