US mini-major Occidental is looking to sell its 29.69% stake in Iraq’s 320,000 b/d Zubair field. Zubair operator Eni has 41.56%, Korea's Kogas 23.75% and the South Oil Company 5%.
Iraqi Oil Ministry spokesperson ‘Asim Jihad, says Oxy notified the ministry of its intention to sell and that the sale will be ratified. Oxy declined to comment. Mr Jihad says that South Oil Company is to buy Oxy’s share. Given the parlous state of Iraq’s economy, it is unclear how it will be able to finance the purchase (see p5). (CONTINUED - 478 WORDS)