PetroChina (PTR) reportedly has emerged as the frontrunner to take over ExxonMobil's (XOM) 60% stake in Iraq's West Qurna-1 oilfield. An XOM departure would all but wipe out the U.S. presence in Iraq's southern oilfields; Chinese companies would come to dominate Iraq with ~32% of the reserves found in service contracts awarded to foreign companies, up from 21% now.
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