"We studied the settlement agreement and the oil ministry with the Basra Oil Company believe that the best option is for Petrochina to become the lead contractor of West Qurna 1," Hassan Mohammed, deputy Basra Oil Co. manager in charge of oilfields and licensing rounds affairs, told Reuters.
Exxon and PetroChina were not immediately available for comment, but two oil managers at the West Qurna 1 field confirmed the details of the settlement and sale agreement signed with Exxon.
Basra Oil Company director Khalid Hamza told Reuters in an interview in 2021 that Exxon was seeking to sell the share for $350 million.
West Qurna 1, in southern Iraq, is one of the world’s largest oilfields with recoverable reserves estimated at more than 20 billion barrels.
Following its exit from West Qurna 1, Exxon will have no presence in Iraq's energy sectory, said BOC officials.
Persons:
Hassan Mohammed, PetroChina, Mohammed, Pertamina, Khalid Hamza, Aref Mohammed, Hadeel Al, Ahmed Rasheed, Kirsten Donovan, Giles Elgood
Organizations:
Exxon Mobil Corp, Basra Oil Company, Basra Oil Co, Reuters, Exxon, Exxon Mobil Corp's, BOC, Exxon Mobil’s, Thomson
Locations:
BASRA, Iraq, Iraqi, Basra, West, Indonesia’s, Iraq’s, Hadeel Al Sayegh, Dubai