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FINANCIAL NEWS
PetroChina to join Exxon at Iraq’s West Qurna oilfield
12 Aug 2013
(MENAFN) PetroChina has agreed to join Exxon Mobil in developing Iraq’s giant West Qurna oilfield and is in talks with Russia’s Lukoil to buy into a second project at the field, Reuters reported.
The deal would boost its dominance and could make PetroChina the biggest single foreign investor in Iraqi oil, and industry source said.
The giant oilfield is key to Iraq’s oil expansion plans, with enough reserves to pump more than 5 million barrels per day (bpd), and it could rival the world’s biggest producer, Saudi Arabia’s Ghawar field, when its two phases are running fully.
PetroChina already partners BP at Rumaila, now Iraq’s largest producer, and operates the Halfaya and al-Ahdab fields. The company was the first foreign firm to sign an oil service deal in Iraq after the US invasion in 2003.
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