PetroChina to Buy 25% Stake in Exxon’s West Qurna 1 Field
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PetroChina Co., 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., adding to assets that produce about half the Middle Eastern nation’s oil.
Exxon owns 60 percent of a contract to drill for crude in the field. PetroChina’s interest will allow it to “achieve synergies with its other projects in Iraq,” the Beijing-based company said in a statement. It didn’t disclose how much it’s paying for the stake. Exxon will also sell a 10 percent stake to PT Pertamina, Indonesia’s state-owned oil producer, Iraq’s Oil Ministry spokesman Asim Jihad said by phone.