Senior Iraqi oil officials met with executives from ExxonMobil, PetroChina, and Basra Oil companies, on Monday, in the West Qurna 1 field near Basra, on the occasion of Exxon's complete exit and handover of its operations to PetroChina.
The Iraqi Deputy Minister of Oil for Extraction Affairs, Basem Muhammad, told Reuters in an interview in the field, “We are meeting today to bid farewell to ExxonMobil and at the same time congratulate PetroChina on being the main contractor.”
In mid-November, the Iraqi Ministry of Oil announced the signing of a settlement agreement with ExxonMobil to put the final touches on its exit from the West Qurna 1 oil field, while it was announced that the Chinese company, PetroChina, would be allowed to be the main operator of the field.
Accordingly, PetroChina will own the largest share in the field after the departure of ExxonMobil, which owned a 22.7 percent stake in the giant West Qurna 1 oil field in Iraq, which has a capacity of 550,000 barrels per day.
Also at that time, a “sale agreement” was signed regulating financial matters to complete the acquisition of ExxonMobil’s share in the West Qurna 1 oil field by the state-run Basra Oil Company.
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