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Iraq Finally Issues Formal Request To Buy ExxonMobil Stakes in West Qurna 1

After much speculation and search for possible takers Iraq finally sends a formal request to take over ExxonMobil's stake in the West Qurna-1 oil field.

After some searching for possible takers of US energy giant ExxonMobil's stake in the West Qurna 1 oil field, Iraq finally issues a formal request to buy them.

In an interview reported by Reuters, director Khalid Hamza of the state-owned Basra Oil Company, revealed that they had already issued a formal letter to ExxonMobil stating their intention to buy its shares.

This move was a result of a series of talks with both Chinese and American companies who showed or were offered the chance to buy ExxonMobil's 32.7% stake in West Qurna-1. 

ExxonMobil offered up their share for possible buyers in the middle of April in a bid to cut down on their ballooning debt brought by the onset of the Covid-19 pandemic and some operational and even political issues.

West Qurna-1 is located in the southern part of Iraq and is considered to be one of the world's largest fields. It is estimated to contain recoverable reserves of more than 20 billion barrels. 

Hamza also added that certain procedures will be undertaken by the oil and finance ministries in securing the financing for the possible acquisition which is estimated to reach $350 million. 

 

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