Iraq to Acquire Exxon Mobil’s Stake in West Qurna Oilfield: Ministe
ERBIL — The Federal government of Iraq has decided to acquire Exxon Mobil Corp’s stake in the giant West Qurna 1 oilfield, Oil Minister Ihsan Abdul Jabbar said on Wednesday.
Minister Jabbar said the Iraqi National Oil Company has been given the approval to proceed with the acquiring of West Qurna 1, in southern Iraq, which is one of the world’s largest oilfields.
The recoverable reserves of West Qurna 1 are estimated at more than 20 billion barrels. It had a production capacity close to 500,000 barrels per day in 2021
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.