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Exxon Mobil (NYSE:XOM) has turned over its operations within the West Qurna 1 oilfield in southern Iraq to PetroChina (OTCPK:PCCYF) as lead contractor, as per a Reuters report.
Iraqi oil authorities met executives from Exxon (XOM), PetroChina (OTCPK:PCCYF), and Basra Oil on the subject on Monday to finish the U.S. oil big’s exit and switch of its operations, the report mentioned.
PetroChina (OTCPK:PCCYF) now owns the largest stake within the West Qurna 1 oilfield after Exxon’s (XOM) exit. The sector at present produces round 550,000 barrels per day.
Iraq’s state-run Basra Oil reached a deal final yr to buy 22.7% of Exxon’s (XOM) stake in West Qurna 1. Indonesia’s state-owned Pertamina purchased the remaining 10% of Exxon’s (XOM) stake, elevating its possession to twenty%.