Share
2 days ago
Sign up here for GlobalData s free bi-weekly Covid-19 report on the latest information your industry needs to know.
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.
ISHM: April 29 - May 6, 2021
Format
Key Takeaways:
De-Baathification Returns As Election Nears; Iraqi President Confirms Ongoing Riyadh-Tehran Talks; Militia Commander Calls For Depopulating Volatile Towns On April 29, reports emerged of a push by the deputy speaker of parliament to re-establish the De-Baathification committee, causing uproar about its possible use to eliminate political rivals. On May 2, IHEC said it registered 267 parties and 33 electoral alliances, which include alliances between Abadi and Hakim, and between the PUK and Gorran. On May 2, the Federal Supreme Court rejected an appeal to revive provisional councils disbanded in 2019. On May 4, PMF Commision asked the Finance Minister to increase its funding so it could rehire former PMF fighters. On May 2, Kataib Hezbollah militia openly called for the forced displacement of residents from predominantly Sunni Arab towns witnessing frequent attacks, implying that depopulation was the only way to curb ISIS.On
Dubai Iraq is in talks with ExxonMobil to take over its 32.7% stake in West Qurna 1, the country s oil minister said May 3, as the US major seeks to exit one of the world s largest oil fields with its expected recoverable reserves of over 20 billion barrels.
Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now
Ihsan Ismaael disclosed the talks in a press conference in Baghdad broadcast by Qatari news channel Al Jazeera on May 3.
As a matter of practice, ExxonMobil does not comment on commercial discussions, a spokeswoman said.
The minister had previously said Iraq was in talks with potential unnamed US energy companies to take over ExxonMobil s stake. Other partners in West Qurna 1, where ExxonMobil is the main operator, are PetroChina (32.7%), Japan s Itochu (19.6%), Indonesia s Pertamina (10%) and Iraq s Oil Exploration Co. (5%).