ExxonMobil Hands Over Operations at West Qurna 1 Oilfield to PetroChina
01.02.2024 By Tank Terminals - NEWS

January 2, 2024 [Reuters]- U.S. 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.

 

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,” Basim Mohammed, deputy oil minister for upstream affairs, told Reuters in an interview at the field.

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%.

The final settlement recently reached between Iraq’s oil ministry and Exxon has served the interests of both parties, Mohammed said.

West Qurna 1 currently produces around 550,000 barrels per day (bpd), he added.

It is one of the world’s largest oilfields with recoverable reserves estimated at more than 20 billion barrels.

Iraq and PetroChina plan to boost production to 600,000 bpd at the end of 2024, the head of BOC said.

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Energy-Related Emissions Hit a Record High Last Year Despite Renewables Surge
03.02.2024 - NEWS
March 2, 2024 [Oil Price]- Despite a decline in fossil fuel use in developed economies, global en... Read More
Chinese Oil Product Demand Could Peak by 2025
03.02.2024 - NEWS
March 2, 2024 [Oil Price]- Demand for petroleum products in China could peak before next year, th... Read More
Cheap Spot Prices Boost China’s LNG Imports to Record High for February
03.02.2024 - NEWS
March 2, 2024 [Oil Price]- China imported in February a record volume of LNG for the month, as bu... Read More
Russia’s Rosneft Moves to Sell its German Refinery Assets
03.02.2024 - NEWS
March 2, 2024 [Oil Price]- Russia’s state-controlled oil giant Rosneft has launched a sales pro... Read More