International Oil Companies: PetroChina

petrochina-logoName: PetroChina

Based in: China

PetroChina Company Limited (“PetroChina”) is the largest oil and gas producer and distributor, playing a dominant role in the oil and gas industry in China.

China National Petroleum Corporation (CNPC) is the sole sponsor and controlling shareholder of PetroChina.

Fields in Iraq: West Qurna I. Acquired a 25% stake in the field from ExxonMobil in November 2013.

From the company’s website:

PetroChina Company Limited (“PetroChina” or “the Company”, HKSE: 0857; NYSE: PTR; SSE: 601857) makes formal delivery today for the acquisition, through its wholly-owned subsidiary, of 25% interests in the Technical Service Contract (TSC) for West Qurna-1 (“WQ1”) in Iraq held by the subsidiary of ExxonMobil.

“The WQ1 oilfield is located about 50km to the northwest of Basra and close to the north of Rumaila field where PetroChina is operating in Iraq.

“The entry into this WQ1 project will be beneficial for PetroChina to achieve synergies with its other projects in Iraq and can help the Company to develop a larger and stronger presence in the upstream operations in the Middle East and positively drive the Company to initiate a high-level starting and all-round strategic cooperation with other international oil companies in high-end oil markets.

For latest news on this company’s activities in Iraq please click here.

A full list of International Oil Companies (IOCs) operating in Iraq under licences granted by the Ministry of Oil in Baghdad can be found here.