Iraq may acquire ExxonMobil shares in Iraq’s large oilfields

China Petrochemical News Network, according to today’s oil prices website, May 3, Bloomberg reported on Monday that Iraq’s oil minister Ihsan Abdul Jabbar Ismaael was quoted as saying that Iraq may buy Exxon Mobil’s West Gu A 32.

Reports that the US super-large shareholder may divest its shares in a large Iraqi oil field are not new.

Last month, Bloomberg reported that Exxon Mobil is considering selling its stake in West Qurna 1 oil field in order to reduce debt.

The oil minister of OPEC's second-largest oil producer after Saudi Arabia said on Monday that the Iraqi government may now finally buy the rights and interests of ExxonMobil.

ExxonMobil signed an agreement with the Southern Petroleum Corporation of the Iraqi Ministry of Petroleum in 2010 to repair and re-develop the West Khulna No.

In an interview with reporters that day, the oil minister also stated that Iraq expects that oil prices will remain at around US$65 per barrel in the near future.

Wang Lei excerpted from today's oil prices

The original text is as follows:

Iraq May Buy Exxon's Stake In Major Iraqi Oilfield

Iraq could buy ExxonMobil's 32.

　　Reports of the US supermajor potentially divesting its stake in the large Iraqi oilfield are not new.

　　Last month, Bloomberg reported that Exxon was considering selling its stake in West Qurna 1 as it looks to cut its debts, which grew in 2020 with the collapse in oil prices, while the supermajor looks to keep its dividend intact.

　　The Iraqi government could now end up buying Exxon's interest, the oil minister of OPEC's second-largest producer behind Saudi Arabia said on Monday.

　　ExxonMobil signed in 2010 an agreement with the South Oil Company of the Iraq Ministry of Oil to rehabilitate and redevelop the West Qurna I field in southern Iraq.

　　Speaking to reporters today, the oil minister also said that Iraq sees oil prices staying around $65 per barrel in the near term.