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Iraq has officially sent a request to acquire shares of US energy giant ExxonMobil in the West Qurna 1 oil field.
National Iraqi company Basra Oil Company (BOC) director Khalid Hamza was reported by Reuters as saying in an interview: “A decision has been made and we sent a formal letter to ExxonMobil asking to buy its share.”
Hamza noted the oil and finance ministries will undertake procedures required to secure financing for the possible acquisition, which is estimated to value $350m.
Iraq considers purchasing ExxonMobil’s share in West Qurna 1 oilfield 04 May 2021 (Last Updated May 4th, 2021 12:44)
Iraq is reportedly planning to purchase ExxonMobil’s stake in the West Qurna 1 oil field via state-owned firm Basra Oil Co (BOC).
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ExxonMobil intends to sell 32.7% stake in the West Qurna-1 oil field. Credit: John R Perry / Pixabay.
Iraq is reportedly planning to purchase ExxonMobil’s stake in the West Qurna 1 oil field via state-owned firm Basra Oil Co (BOC).
Iraq Oil Minister Ihsan Abdul Jabbar was quoted by Reuters as saying that the ministry is considering BOC ‘taking ownership of the Exxon stake in West Qurna 1 and leading the project, as happened with Majnoon’.