ExxonMobil finalizes deal to exit West Qurna 1

ExxonMobil has signed agreements to transfer its remaining 22.7 percent stake in the 550,000 barrel per day (bpd) giant West Qurna 1 oil field to the state-run Basra Oil Company (BOC).

“ExxonMobil Iraq Limited has signed certain agreements with Basra Oil Company allowing for the transfer of its 22.7 percent interest in West Qurna 1 to Basra Oil Company, which is expected to occur by end of year,” ExxonMobil said in a statement e-mailed to Iraq Oil Report on Nov. 9.

PetroChina, a partner in the consortium, will take over as operator, according to a memo from ExxonMobil to staff members of the West Qurna 1 consortium. Multiple officials at BOC said a signing ceremony for the handover to PetroChina as operator is due to be held at the Ministry of Oil on Nov. 15.

West Qurna 1 in Basra province is the only asset held by ExxonMobil in Iraq after it gave up its exploration blocks in the Kurdistan region. The sale means that ExxonMobil will no longer have an upstream presence in Iraq.