ExxonMobil exits Iraq’s oil and gas plays

US energy giant ExxonMobil has formally handed over its shares in Iraq’s West Qurna 1 oilfield to Chinese E&P player PetroChina, Reuters reported on Monday.

The onshore field located around 50 kilometres northwest of Basra currently produces around 550,000 bopd and has estimated recoverable reserves of more than 20 billion barrels of oil.

Iraq intends to boost production at the play to 600,000 bopd by the end of 2024.

The move officially ends ExxonMobil’s current operations in Iraq’s energy industry.

In 2023, Iraqi state-owned energy company Basra Oil Company acquired 22% of ExxonMobil’s equity in the West Qurna 1 field, with Indonesia’s state-owned energy giant taking the remaining 10%, increasing its stake in the field to 20%.

Before the handover, PetroChina already held a 33% state in the field.

The subsidiary of China National Petroleum Corporation is now the field’s lead shareholder.