BP may quit Iraq, Lukoil looks to sell West Qurna stake, oil minister says
Jul. 04, 2021 1:05 AM ETBP p.l.c. (BP), LUKOYBP, XOM, LUKOY, LUKFYBy: Carl Surran, SA News Editor37 Comments
- Iraq's oil minister says BP is considering withdrawing from the country's giant Rumaila oilfield, and that Russia's Lukoil (OTCPK:LUKOY) sent a formal notification saying it wanted to sell its stake in the West Qurna-2 field to Chinese companies.
- The investment environment in Iraq has become unsuitable for retaining major investors, Oil Minister Ihsan Abdul Jabbar said in a video posted on Facebook.
- Jabbar also said Exxon Mobil (NYSE:XOM) wants to sell its stake in the West Qurna-1 field for no more than $400M, possibly to state-controlled Basra Oil.
- WSJ recently reported BP is working on a plan to spin off its operations in Iraq into a standalone company.