Exxon in Talks to Sell 5 % of Iraq Field to Mubadala

Source: Reuters 3/28/2013, Location: Middle East

Exxon Mobil is in negotiations to sell 5 percent of its stake in Iraq's West Qurna-1 oilfield to Abu Dhabi's state-run investment fund Mubadala, part of the U.S. major's moves to reduce its exposure there, Iraqi oil officials said.

Any sale of a part of West Qurna would follow Exxon's decision in 2012 to sell its stake in the $60 billion field after upsetting Iraq's central government by signing deals with the country's autonomous Kurdistan region.

Iraq's central government had told the U.S. oil company it would have to choose between West Qurna and the Kurdistan oil deals, but Baghdad still offered Exxon sweeter terms in an attempt to keep it working in the southern oilfield.

"Exxon is staying in West Qurna-1 at least until 2014, but at same time the company is moving ahead to cut its share in the West Qurna project to shift focus to other projects," said one Iraqi oil official without giving details.

Officials at the United Arab Emirates fund and Exxon were not immediately available to comment.

The two Iraqi oil officials, who spoke on condition of anonymity because they were not authorised to talk to the media, said Exxon's allocation of $1.65 billion to develop the field in 2013 indicated it planned to stay until 2014.

The talks with Mubadala follow negotiations with other companies for part of West Qurna.

Indonesia's state-owned oil and gas firm Pertamina is in talks to buy 10-20 percent of the Exxon stake and industry sources have also said China's National Petroleum Corp is willing to join Exxon with part of West Qurna.

For more information about related Opportunities and Key Players visit Iraq Oil and Gas Projects


Ireland >>  9/24/2022 - Shell and Simply Blue Group confirm that Shell will end its involvement in the Western Star and Emerald offshore wind projects in Ireland.

...

Argentina >>  9/23/2022 - Glencore International AG (GIAG) and Newmont Corporation announced they have reached an agreement in which Glencore will acquire Newmont’s 18.75% shar...

Falkland Islands >>  9/23/2022 - Rockhopper Exploration plc, the oil and gas exploration and production company with key interests in the North Falkland Basin, is pleased to announce ...
Namibia >>  9/22/2022 - Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) wishes to announce that, further to its announcement on February 6, 2022, it has en...

United States >>  9/22/2022 - Illinois American Water, a subsidiary of American Water, announced, the acquisition of the City of Villa Grove water and wastewater systems for $11 mi...
United States >>  9/22/2022 - - Board of Directors has reached Final Investment Decision on its New Generation Gas Gathering project, which will initially provide 1.7 Bcf/d of capa...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.