US energy giant ExxonMobil has officially withdrawn from the West Qurna 1 oil field in southern Iraq and handed over operations to PetroChina as lead contractor, the deputy oil minister told Reuters on Monday.
Iraqi oil officials met with executives from ExxonMobil, PetroChina and Basra Oil Company on Monday at the West Qurna 1 oil field near Basra to commemorate Exxon's complete withdrawal and transfer of operations to PetroChina.
“We are meeting today to say goodbye to ExxonMobil, but at the same time PetroChina has become the prime contractor,” Basim Mohamed, deputy petroleum minister for upstream affairs, told Reuters in an on-site interview. Celebrate that.”
PetroChina holds the largest stake in the sector after Exxon's exit.
Last year, Iraq signed a sale agreement in which Iraq's state-run Basra Oil Company (BOC) acquired a 22.7% stake in ExxonMobil in West Qurna 1, while Indonesia's state-run Pertamina bought the remaining 10% of Exxon's stake to expand its share. I did. Up to 20%.
Muhammad said the final settlement recently reached between the Iraqi Ministry of Oil and Exxon was in the interests of both parties.
West Khulna 1 currently produces about 550,000 barrels per day (bpd), he added.
The oil field is one of the largest in the world, with recoverable reserves estimated at more than 20 billion barrels.
Iraq and PetroChina plan to increase production to 600,000 barrels per day by the end of 2024, the BOC chief said.
After the withdrawal from West Qurna 1, Exxon will lose its presence in Iraq's energy sector, BOC officials said.
The deputy oil minister said the government is keen to invite ExxonMobil to play a role in the development of future energy projects.
