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Iraq Prefers Other American Oil Companies to Replace Exxon

Iraq prefers having another U.S. company to replace Exxon as the supermajor considers leaving the country

Iraq prefers another U.S. company to replace Exxon, the second-largest oil company in the world, as a shareholder of the West Qurna 1 Field, following the corporate giant's withdraw from the country.

Prime Minister Mustafa al-Kadhimi, after a meeting with President Joe Bidden, made it clear to the media that Exxon Mobil's reasons for considering leaving Iraq have nothing to do with the particular situation in the country, but all to do with its internal management practices, and decisions.

Exxon, which holds a $32.7-percent interest in West Qurna 1 has been seeking for a potential buyer with plans to withdraw from the country completely. The stake which was valued up to $500 million last year seems to have caught the interest of two state-owned Chinese companies, the CNPC and CNOOC. Reports, however, state that Iraq could buy the West Qurna 1 stake itself.

Just a couple of years prior, Exxon was prepared to take part in a $53-billion plan to boost Iraq's oil production, however it seems the pandemic has a way with ruining everybody's plans.

"When Exxon Mobil departs, we will not accept its replacement to be other than another American company," Prime Minister Kadhimi announced to the media this week, however, no American company has yet expressed interest in acquiring Exxon's stake in Iraq.


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