Occidental to sell Zubair stake to Iraq’s South Oil

By John Lee.

Occidental Petroleum intends to sell its stake in the Zubair oilfield to Iraq’s state-run South Oil Company (SOC), according to a report from Reuters.

The news agency quotes ministry spokesman Asim Jihad as saying on Wednesday:

“Occidental asked the ministry for permission to sell its stake in Zubair field and the ministry is in the process of approving the request. South Oil Company will acquire Occidental’s stake.”

Occidental holds 29.69 percent of the field, with Italy’s Eni holding 41.56 percent and operating the field, while South Korea’s KOGAS has 23.75 percent and Iraq’s state-run Missan Oil Company owns 5 percent.

(Source: Reuters)

(Picture: Stephen Chazen, President and CEO of Occidental)

6 Responses to Occidental to sell Zubair stake to Iraq’s South Oil