Exxon To Sell 25% Stake In Iraq Oil Field To PetroChina: Reports

(RTTNews) - Media reports quoting Iraq's Deputy Prime Minister for Energy said oil and natural gas giant Exxon Mobil Corp. (XOM) will divest 25 percent stake in Iraq's West Qurna-1 oilfield project to PetroChina Co. Ltd (PTR). In August, Iraq said that Exxon will part with more than half of its 60 percent holding in the field.

According to reports, apart from the sale of interest to PetroChina, 10 percent is expected to be sold to Indonesia's Pertamina. A final agreement is expected to be signed today, which would give the Chinese petroleum company 25 percent stake in the field.

PetroChina Co. Ltd produces and sells oil and gas in the People's Republic of China. Exxon Mobil engages in the exploration and production of crude oil and natural gas, and manufacture of petroleum products.