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.
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