Chevron – Iraq Aims to Clinch Exxon Oil Sale by June Even as Chevron Balks
Iraq aims to finalize the sale of Exxon’s stake in the West Qurna-1 oil field by the end of June even after rival U.S. supermajor Chevron Corp. rejected overtures to buy the position.
Basra Oil Co., the state-run company overseeing crude production in the region, may open talks with more companies after Exxon submitted a request to sell its 32.7% stake in January, Director General Khalid Hamza said in an interview. BOC has “no objection” to a Chinese company buying the stake, he said.
Earlier this month, the country’s oil ministry specified it was in talks with U.S. companies about the possibility of them taking Exxon’s position as the field’s operator. China’s oil giants China National Petroleum Corp. and CNOOC Ltd. were considering buying the stake, Bloomberg News reported last year. Such a deal would increase the country’s influence in the field, given that PetroChina already owns 32.7% of it.