ExxonMobil finalizes deal to exit West Qurna 1
The American super-major will sell its last remaining upstream asset in Iraq to the state-run Basra Oil Company, resolving a years-long conflict over the terms of its exit.
Gas flares at the 6th separation station at West Qurna 1 oil field. (JASSIM AL-JABIRI/Iraq Oil Report)
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.
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