Reuters reports that Exxon Mobil is selling part of its stake in the West Qurna-1 oilfield to PetroChina and Indonesia's Pertamina.
Oil Ministers Abdul Kareem Luaibi [Elaibi] told the news agency that 25 percent will go to PetroChina and 10 percent to Pertamina.
He added that the deal would be done "maybe after two to three weeks".
Exxon Mobil currently has a 60 percent stake in the giant oilfield and is the operator.
(Picture: Rex Tillerson, Chairman and CEO of ExxonMobil)