(CTN News) – ExxonMobil has officially withdrawn from the West Qurna 1 oilfield in southern Iraq, marking a significant shift in the country’s oil industry.
According to Reuters, Iraq’s deputy oil minister confirmed that PetroChina will now take over operations at the oilfield. A formal ceremony was held at the site, attended by officials from the Iraqi oil sector, ExxonMobil, PetroChina, and the Basra Oil Company.
With ExxonMobil’s departure,
PetroChina has become the largest stakeholder in the West Qurna 1 oilfield, signifying a major change in Iraq’s energy resources management. In a separate development, Bahrain is focusing on leadership programs for the younger generation, led by Franklin Covey Education.
These initiatives aim to foster long-term economic growth in the region and make Bahrain the pioneering nation in the Middle East to incorporate leadership training in its educational curriculum.
Iraq’s Deputy Oil Minister for Upstream Affairs, Basim Mohammed, emphasized the significance of PetroChina’s new role during an interview, congratulating them on becoming the lead contractor.
The past year also saw Iraq’s state-run Basra Oil Company acquiring a 22.7% share of ExxonMobil stake in West Qurna 1, while Indonesia’s Pertamina expanded its stake to 20%.
The final settlement between Iraq’s oil ministry and ExxonMobil was mutually beneficial, although specific details were not disclosed.
Currently, the West Qurna 1 oilfield is producing around 550,000 barrels per day (bpd), making it one of the largest oilfields globally with estimated recoverable reserves of over 20 billion barrels. The head of BOC has announced plans to increase production to 600,000 bpd by the end of 2024.
This development marks the end of Exxon’s involvement in Iraq’s energy sector. However, Iraqi government officials, including the deputy oil minister, have expressed a strong desire to involve Exxon in future energy projects in the country.