Chinese Company Replaces Exxon At Major Iraqi Oil Field

PetroChina has replaced Exxon as the operator of the West Qurna 1 field in southern Iraq, holding the largest stake in the field. '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,' a deputy manager at Iraq’s Basra Oil Co. said, as quoted by Reuters.

Basra Oil Company will become the majority shareholder after the completion of the Exxon deal, with over 50% in the field. West Qurna 1 is one of the largest oil fields in the world, with reserves estimated at more than 20 billion barrels of recoverable hydrocarbons. Production averages 500,000 barrels daily and makes the field a cornerstone in Iraq’s plans to boost its national total considerably.

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