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Thursday, Aug 22
China, Indonesia to join Exxon in developing giant Iraq oilfield
- China and Indonesia are set to join Exxon Mobil's (XOM +1%) $50B project to develop Iraq's West Qurna-1 oilfield, sources tell Reuters, adding details to a report last week.
- Various scenarios for farming out XOM's 60% stake are still under discussion, but PetroChina (PTR -0.3%) looks ready to take 25% and Indonesia's state-owned Pertamina 10%; XOM would remain operator but its share could be cut to 25%, and Royal Dutch Shell (RDS.A, RDS.B) would retain its existing 15%.
- China already is the top foreign player in Iraq's oilfields and such a big stake in West Qurna-1 would make PTR the single biggest foreign investor in Iraqi oil.