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ExxonMobil to sell its stake in Iraqi oilfield

Industry

ExxonMobil will sell over half of its 60 per cent stake in Iraq’s West Qurna-1 oilfield project to PetroChina and Pertamina, company sources announced

PetroChina and Indonesia’s Pertamina will receive 25 per cent and 10 per cent share respectively.

Pertamina, in August 2013, had announced that ExxonMobil was selling more than half of its 60 per cent holdings in the oilfield.

The Iraqi block currently produces 500,000 bpd and is estimated to hold reserves of about nine billion barrels.

ExxonMobil will remain the operator of the oilfield and Shell would retain its existing 15 per cent share, company sources said.

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