UPDATE: Cabinet taps INOC to acquire Exxon’s stake in West Qurna 1
Iraq is trying to resolve a dispute over one of its largest oil fields by authorizing the newly formed national oil company to take over ExxonMobil's operating stake.
A worker adjusts the valve of an oil pipe at the West Qurna 1 oilfield in Basra on Nov. 28, 2010. (ATEF HASSAN/Reuters)
UPDATE: This story has been updated to include comments from Minister of Communications Arkan al-Shaibani, who said Iraq was offering $350 million to ExxonMobil for its stake in the West Qurna 1 contract, as well as comments from BOC Deputy Director General Hassan Mohammad Hassan, who confirmed that BOC, an INOC subsidiary, will be the operator of West Qurna 1 if the sale goes through.
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