Seeking Alpha

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.
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio:

|