Occidental Petroleum is to sell its stake in the Zubair oilfield in Southern Iraq to South Oil Company (SOC).
Iraq Ministry spokesman Asim Jihad said "Occidental asked the ministry for permission to sell its stake in Zubair field and the ministry is in the process of approving the request. South Oil Company will acquire Occidental's stake".
The 4 billion barrel Zubair Oil field is currently run by ENI, Occidental, KOGAS and Iraq's Missan Oil Company.
The field is currently pumping over 350,000 barrels of oil per day.