Iraq: Exxon to sell 35% stake in $50B oil project

• Iraq's oil minister has confirmed speculation that Exxon Mobil (NYSE:XOM) is selling stakes in the the country's West Qurna-1 oilfield to PetroChina (NYSE:PTR) and Indonesia's Pertamina.
• The U.S. major is selling 25% to the Chinese company and 10% to Pertamina, with the deals set to possibly be finalized after two or three weeks.
• Exxon, which owns 60% at the moment, will reportedly remain the operator of the $50B project, while Shell (RDS.A, RDS.B) will retain its existing 15%.