PetroChina to Buy 25% Stake in Exxon’s West Qurna Iraq Field

PetroChina Co. (857), the country’s biggest oil and gas producer, agreed to buy a 25 percent stake in Iraq’s West Qurna 1 field from Exxon Mobil Corp., according to an e-mailed statement from the Beijing-based company.

Exxon currently owns a 60 percent stake of the West Qurna field in Southeastern Iraq, while Royal Dutch Shell Plc holds 15 percent and Oil Exploration Co. of Iraq owns the remaining 25 percent, according to Exxon’s website. Exxon, The world’s biggest oil company by market value, estimated the field will produce as much as 600,000 barrels of oil per day by the end of 2013.

To contact the reporter on this story: Benjamin Haas in Hong Kong at bhaas7@bloomberg.net

To contact the editor responsible for this story: Jason Rogers at jrogers73@bloomberg.net

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