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Iraq's State Oil Company Likely To Win ExxonMobil Stake

Iraq's very own state oil company is the most likely candidate to acquire ExxonMobil's stake in the West Qurna-1 operator sale.

Iraq's state-owned Basra Oil Company (BOC) seems to be the most likely candidate to acquire ownership of ExxonMobil's stake in West Qurna-1. 

This was revealed by Oil Minister Ihsan Abdul Jabbar at a news conference that was held last May 3. He likened this possibility to what happened with Majnoon, considered to be one of the world's largest untapped oil reserves located in southern Iraq near the Iranian border, when Shell and Petronas abandoned the project citing declining profitability as oil prices fell in 2017.

ExxonMobil offered its 32.7% stake in the West Qurna-1 field as a part of its global debt-reduction strategy when the recent pandemic caused their debt to balloon. 

It had been reported that two Chinese oil giants, China National Petroleum Corp. and CNOOC Ltd. had expressed interest in the offer. Chevron in a previous report has already explicitly stated that they will be turning down the offer.


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