ExxonMobil has finally left Iraq

ExxonMobil sold its assets in Iraq to the Chinese.

The American oil company has finally abandoned the West Qurna-1 project in southern Iraq, giving operational functions at one of the world’s largest oil fields to PetroChina.

In 2023, the Iraqi authorities approved an agreement to transfer ExxonMobil’s 22.7% stake in the West Qurna-1 project to the state-owned Basra Oil company.

The volume of oil production at the project now amounts to about 550 thousand barrels per day. It is one of the largest deposits in the world, with recoverable reserves exceeding 20 billion barrels.

By the end of 2024, the Iraqi authorities and PetroChina plan to increase oil production at this asset to 600 thousand barrels per day.