Iraq says looking for buyer in Exxon's West Qurna 1 stake

London (Quantum Commodity Intelligence) - Iraq's oil ministry said it was in talks with US energy companies to find a buyer for ExxonMobil's 32.7% in the West Qurna 1 oil field, according to media outlets quoting the Iraqi News Agency Thursday.

ExxonMobil operates the 500,000 b/d capacity field, having signed a 20-year service contract in 2010. Other stakeholders include PetroChina, which holds 32.7%, Japan's Itochu with 19.6pc and Indonesia's Pertamina with 10%.

ExxonMobil has not commented on the statement from Iraq, but it has previously been reported the US energy giant's relationship with OPEC's second largest producer has been strained since 2019 when it withdrew overseas staff.

The West Qurna 1 field in southern Iraq has estimated recoverable reserves of over 20 billion barrels, so any sale would mark a major divestment for Exxon.