ExxonMobil’s plans to sell its stake at Iraq’s 470,000 b/d West Qurna-1 (WQ-1) are now official. The countdown is on and Exxon looks set to become the latest IOC to quit federal Iraq by the end of June. Exxon operates WQ-1 with 32.7%, partnered by CNPC with 32.7%, Itochu 19.6%, Pertamina 10%, and Iraq state Oil Exploration Co. 5%.
Tight contractual terms, security concerns, inadequate midstream infrastructure and repeated calls from the cash-strapped central government to minimize investment have contrived to rob Iraq’s upstream of the luster it held a decade ago. (CONTINUED - 1051 WORDS)