Iraq acquires US ExxonMobil’s stake in a giant oil field

  •  Time: 01/05/2022 13:45:25 
  •  Reading: 1,118 times 
Iraq acquires US ExxonMobil's stake in a giant oil field

{Economic: Al Furat News} Oil Minister Ihsan Abdul-Jabbar announced that the Council of Ministers had approved, in its regular session, today, Wednesday, the National Oil Company’s acquisition of ExxonMobil’s share in the West Qurna/1 field, which is one of the giant fields in the southern province of Basra. 

And Prime Minister Mustafa Al-Kazemi announced last July that he wanted another American company to replace Exxon Mobil – which operates the West Qurna 1 field – when it leaves Iraq.

Al-Kazemi added at the time that ExxonMobil was considering leaving Iraq for reasons related to its internal administrative practices and decisions, and not because of the situation in Iraq.

Exxon, which in 2019 appeared to be proceeding with a $53 billion project to increase Iraqi oil production, sought to sell its 32.7% stake in West Qurna 1, one of Iraq’s largest oil fields.


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