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Iraq acquires ExxonMobil stake in a giant oil field

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Iraqi Oil Minister Ihsan Abdul-Jabbar announced today Wednesday that the Cabinet has approved the National Oil Company’s acquisition of ExxonMobil’s stake in the “West Qurna 1” field in southern Iraq. which is one of the nation’s gigantic fields.

Last July, Iraqi Prime Minister Mustafa al-Kadhimi said he wanted another American company to replace ExxonMobil when it left Iraq.

The Basra Oil Company said Halliburton made an offer toAcquire ExxonMobil’s stake in the fieldAnd the company said Iraq is reviewing Halliburton’s offer after completing all procedures with Exxon regarding the sale of its stake.

Exxon, which appeared to be moving forward with a $ 53 billion project to increase Iraqi oil production in 2019, sought to sell its 32.7% stake in the West Qurna 1 field.

Al-Kazemi added at the time that ExxonMobil was considering leaving Iraq for reasons related to its internal administrative practices and decisions, and not because of the situation. in Iraq.

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