Basra Oil Company to sell 10% of ExxonMobil’s share in giant oil field
An oil facility in Iraq. Photo: Iraqi News Agency
Baghdad (IraqiNews.com) – Basra Oil Company (BOC) disclosed on Tuesday details about selling 10 percent of ExxonMobil’s share in West Qurna 1 oil field, explaining that this depends on a single procedure, according to the state news agency (INA).
“Pertamina, an Indonesian state-owned oil and natural gas corporation based in Jakarta, will buy 10 percent of ExxonMobil’s share in the West Qurna 1 oil field in southern Iraq,” Deputy Director-General of the BOC, Hassan Muhammad Hassan, told INA.
“This is what was agreed upon between the parties, and its implementation is contingent upon signing the settlement agreement with the BOC,” Hassan elaborated.
The Iraqi Council of Ministers agreed earlier that the Iraq National Oil Company (INOC) would acquire ExxonMobil’s share in the West Qurna 1 oil field.
The Iraqi Oil Minister, Ihsan Abdul Jabbar, mentioned earlier that the allocation of 300 million USD was included in the upcoming budget to complete the deal, according to Al Sabaah newspaper.
In May 2021, the Iraqi Ministry of Oil officially requested the purchase of ExxonMobil’s share in the West Qurna 1 field which has oil reserves of more than 20 billion barrels.
Abdul Jabbar stated earlier that discussions about the deal with ExxonMobil partners lasted for more than 90 days, and explained that INOC would buy the share for 300 million USD.