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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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