It’s a wrap for ExxonMobil’s fourteen-year Iraq foray which began in 2009 when it signed a technical service contract (TSC) for the West Qurna-1 (WQ-1) oilfield in Basra province. A contentious two-year exit is now drawing to its conclusion (MEES, 23 April 2021), with the US giant finally inking a deal to sell its remaining 22.7% WQ-1 holding to state firm Basrah Oil Company (BOC).
An Exxon spokesperson confirms to MEES that “certain agreements” have been signed with BOC for the sale of the stake at the 500,000 b/d-capacity field. The transfer “is expected to occur by end of year,” they add, with BOC to pay $350mn according to local media. (CONTINUED - 963 WORDS)