• 5 minutes Oil prices forecast
  • 8 minutes Nuclear Power Can Be Green – But At A Price
  • 11 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 16 minutes Europe Slipping into Recession?
  • 2 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 9 hours Socialists want to exorcise the O&G demon by 2030
  • 6 hours Emissions from wear of brakes and tyres likely to be higher in supposedly clean vehicles, experts warn
  • 7 hours UK, Stay in EU, Says Tusk
  • 1 day Germany: Russia Can Save INF If It Stops Violating The Treaty
  • 2 days Connection Between Climate Rules And German's No-Limit Autobahns? Strange, But It Exists
  • 2 days Conspiracy - Theory versus Reality
  • 8 hours How Is Greenland Dealing With Climate Change?
  • 2 days Chevron to Boost Spend on Quick-Return Projects
  • 1 day Maritime Act of 2020 and pending carbon tax effects
  • 2 days U.S. Treasury Secretary Mnuchin Weighs Lifting Tariffs On China
  • 2 days Regular Gas dropped to $2.21 per gallon today
Alt Text

OPEC Cuts Are Already Paying Off

Despite troubling economic data from…

Joao Peixe

Joao Peixe

Joao is a writer for Oilprice.com

More Info

Trending Discussions

PetroChina to Buy Exxon Stake in Iraqi Oil Field

Exxon Mobil Corp. is preparing to sell a 25% stake in an Iraqi oilfield to PetroChina as China eyes Iraq as one of its key suppliers.

PetroChina will acquire 25% of Exxon Mobil’ 60% stake in the West Qurna-1 oil field, while Exxon will retain a 35% interest and continue to be the field’s operator.

West Qurna-1 is located in southern Iraq, near Basra. Royal Dutch Shell and Iraq’s state-owned South Oil Co. also own stakes in the field.

Related article: BP at Heart of Revived Dispute over Kirkuk Oil

The field has a production potential of some 3 million barrels of crude oil per day and currently produces around 500,000 bpd.

Exxon’s decision to divest in southern Iraq was partly in response to an ongoing conflict between the Iraqi central authorities in Baghdad and the authorities of the Kurdistan Regional Government (KRG) in Erbil over control of oil and gas resources.

In 2011, Exxon took a major step against Baghdad’s authority by closing a unilateral deal for the development of oil with the KRG, prompting threats from Baghdad to Exxon and other companies who have sought out better deals from Erbil.

Related article: Kurdistan Set to Begin Oil Exports to Turkey with New Pipeline Next Month

PetroChina's deal with Exxon is a further indication of China's appetite for Iraqi crude. China has quickly emerged as a key buyer of Iraqi crude, having more than doubled its imports from Iraq since 2009, according to Chinese customs data.

In the meantime, China has been gobbling up Iraqi supplies, doubling crude imports from Iraq since 2009.

By. Joao Peixe of Oilprice.com




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News