PetroChina to join Exxon on giant Iraqi oilfield: source
By Chen Aizhu and Vladimir Soldatkin, ReutersBEIJING/MOSCOW -- China's biggest energy firm PetroChina will join Exxon Mobil in developing Iraq's giant West Qurna oilfield and is in talks with Lukoil to buy into a second project at the field, industry sources said on Friday.
August 10, 2013, 12:08 am TWN
China is already the top foreign player in Iraq's southern oilfields and a deal at West Qurna would boost its dominance and could make PetroChina the biggest single foreign investor.
PetroChina partners BP at Rumaila, Iraq's biggest oilfield, and operates the Halfaya field. The company was the first foreign firm to sign an oil service deal in Iraq after U.S.-led forces toppled former president Saddam Hussein.
“PetroChina will participate in developing the field,” an industry source with direct knowledge of the deal with Exxon said.
The agreement would be announced in weeks, the source said, but declined to give further details on how the world's two most valuable listed energy firms would work together in Iraq. Both PetroChina and Exxon declined to comment.
Exxon holds a 60 percent stake in West Qurna 1, a US$50 billion investment project pumping around 480,000 barrels per day (bpd).
In March, PetroChina's ex-chairman Jiang Jiemin told Reuters that the Chinese energy major was willing to team up with Exxon at West Qurna.
PetroChina is also in talks with Lukoil for a stake in another development project at the field, West Qurna-2, a Lukoil source said. That source also declined to give details on the size of the stake under discussion.