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Iraq reached a settlement agreement with ExxonMobil, confirming its withdrawal from the West Qurna 1 oil field and allowing China National Petroleum Corporation to become the main contractor.
PetroChina will become the largest shareholder after ExxonMobil sells its stake in the field. Iraq also signed a sales agreement to resolve financial issues and ensure that Iraq’s state-owned Basra Oil Company acquires Exxon Mobil’s stake in the West Qurna 1 oil field. ExxonMobil will no longer be involved in the Iraqi energy industry after its withdrawal.
The West Khulna 1 oil field is one of the largest oil fields in the world, with a current daily production of approximately 560,000 barrels.
(Source: Reuters Image source: freepik)
