Name: West Qurna 1
Controlled by: Ministry of Oil (Baghdad).
Location: 50 km northwest of the city of Basra
Discovery: 1973
Reserves: 8.7 billion barrels of oil
Developed by: PetroChina (32.7%); Basra Oil Company (BOC) (22.7%); Itochu (19.6%); Pertamina (20%); and Oil Exploration Company (5%).
ExxonMobil originally had a 60% stake in the field, but sold 25% to PetroChina and 10% to Pertamina in November 2013, leaving it with a 25% stake.
Shell originally had a 15% stake, but sold it to CIECO West Qurna Limited, a subsidiary of Japan's Itochu Corporation, in 2018 for $406 million.
Itochu's website lists the current interests as: ExxonMobil (US (Lead Contractor), 32.7%; Petrochina (China) 32.7%; Itochu (Japan) 19.6%; Pertamina (Indonesia) 10.0%; Oil Exploration Company (Iraqi state-owned company) 5.0%.
In January 2022, the Iraqi cabinet approved the sale of Exxon's stake in the field to the state-owned Basra Oil Company (BOC) at a price of up to $350 million.
In August 2022, it was reported that Pertamina would take an additional 10 percent stake in the field as ExxonMobil negotiated its exit. This was later confirmed by Pertamina in its Annual Report for 2023, in which it stated:
"Exxonmobil Iraq Limited ("EMIL") and PT Pertamina Irak Eksplorasi Produksi ("PIREP") have signed an Amended and Restated Asset Sales Agreement ("ASA") regarding the addition of 10% participating interest (PI) of PIREP in West Qurna I on December 31, 2022. This transfer will increase PIREP's PI to 20%."
On 1st January 2024, PetroChina took over from ExxonMobil as main operator, following ExxonMobil's divestment of its remain interest in the field to Basra Oil Company (BOC) and Pertamina. The subsequent holding in the field are: PetroChina 32.7%; Basra Oil Company (BOC) 22.7%; Itochu 19.6%; Pertamina 20%; and Oil Exploration Company 5%.
Contract granted: 2009
Contract duration: 20 years.
Remuneration: $1.90 per barrel of oil
Plateau production target: 2.825 million bpd.
Other companies involved in the development: Halliburton, Kentz, SNC Lavalin, Enka, Wood Group, Saipem, Schlumberger, China Petroleum Engineering & Construction Corp (CPECC)
For latest news on the project please click here.
A full list of oil and gas fields controlled by the Ministry of Oil in Baghdad can be found here.
