US energy giant ExxonMobil Corp has formally exited the West Qurna 1 oilfield in southern Iraq and handed over its operations to PetroChina as lead contractor, a deputy oil minister told Reuters on Monday.
Iraq and PetroChina plan to boost production by 50,000 to 600,000 bpd at the end of 2024, Basim Mohammed, deputy oil minister for upstream affairs, said.
Senior Iraqi oil officials met with executives from ExxonMobil, PetroChina, and Basra Oil Co on Monday at the West Qurna 1 field near Basra to mark Exxon's complete exit and the handover of its operations to PetroChina.
"We are meeting today to bid farewell to ExxonMobil, and at the same time we congratulate PetroChina for becoming the lead contractor," Mohammed said.
PetroChina holds the largest stake in the field after the departure of Exxon.
Last year, Iraq signed a sale agreement to acquire 22.7% of ExxonMobil's stake in West Qurna 1 by Iraq's state-run Basra Oil Co.(BOC), while Indonesia's state-owned Pertamina bought the remaining 10% of Exxon’s stake, increasing its share to 20%.
Iraq to Boost West Qurna 1 Production by 50K bpd
A security man in front of the gate of the West Qurna 1 oil field operating authority. (Reuters)
Iraq to Boost West Qurna 1 Production by 50K bpd
A security man in front of the gate of the West Qurna 1 oil field operating authority. (Reuters)
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