ExxonMobil Has Finally Left Iraq
The American oil company has finally abandoned the West Qurna 1 project in southern Iraq, transferring operational functions at one of the world’s largest oil fields to PetroChina.
In 2023, the Iraqi authorities approved an agreement to transfer ExxonMobil’s 22.7% share in the West Qurna-1 project to the state-owned Basra Oil company.
The Indonesian state corporation Pertamina bought another 10% from the Americans, increasing its own share in West Qurna to 20%.
Oil production volumes at the project are now about 550 thousand bpd. It is one of the world’s largest fields, with recoverable reserves exceeding 20 billion barrels.
By the end of 2024, the Iraqi authorities and PetroChina plan to increase oil production at this asset to 600 thousand barrels per day.
With the exit from West Qurna 1, Exxon is finally exiting Iraq’s energy sector. However, the Iraqi Oil Ministry expects to interest the American corporation in new projects planned in the country.
