Iraq to buy Exxon stake in West Qurna 1

By John Lee.

The Iraqi cabinet has agreed to allow the Basra Oil Company (BOC) to take over ExxonMobil's holding in the West Qurna 1 oilfield, at a price of up to $350 million.

Addressing media after Wednesday's cabinet meeting, Minister of Communications Arkan Al-Shaibani (pictured) said the cabinet also allocated an initial payment of $250 million "according to the acquisition amount to cover the Basra Oil Company's share in the work program and the budget for the year 2022 according to new developments provided that ExxonMobil relinquishes its litigation against the Basra Oil Company at the International Court of Arbitration."

Note that other media list the acquiring entity as the Iraqi National Oil Company (INOC).

(Sources: Govt of Iraq, Reuters, S&P Global Platts)

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