By John Lee.
The China National Petroleum Corporation (CNPC) and China National Offshore Oil Corporation (CNOOC) are reportedly considering acquiring Exxon Mobil‘s remaining stake in Iraq’s West Qurna 1 oilfield.
According to sources cited by Bloomberg, the stake could fetch more than $500 million.
ExxonMobil originally had a 60% stake in the field, but sold 25% to PetroChina and 10% to Pertamina in November 2013. (Shell originally had a 15% stake, but sold it to CIECO West Qurna Limited, a subsidiary of Japan’s Itochu Corporation, in 2018 for $406 million.)
Itochu’s website lists the current interests as: ExxonMobil (US (Lead Contractor), 32.7%; Petrochina (China) 32.7%; Itochu (Japan) 19.6%; Pertamina (Indonesia) 10.0%; Oil Exploration Company (Iraqi state-owned company) 5.0%.
(Source: Bloomberg)
The post China to Buy of Exxon’s stake in West Qurna? first appeared on Iraq Business News.