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Report: PetroChina to join Exxon in developing Iraq's West Qurna field

PetroChina (PTR) will join Exxon Mobil (XOM) in developing Iraq's giant West Qurna oil field and is in talks with Lukoil (LUKOY.PK, LUKOF.PK) to buy into a second project at the field, Reuters reports.

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 PTR the biggest single foreign investor.

XOM holds a 60% stake in West Qurna-1, a $50B project pumping ~480K bbl/day; it offered to sell its stake last year after a dispute with Iraq's government over contracts it signed with autonomous Kurdistan.

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